Question:

How to maintain Truth in Lending compliance?

Answer:

Truth in Lending compliance is essential for mortgage professionals. Compliance with TIL regulations is crucial in the business and it is important that loan officers in the early years of their career are well informed on how to achieve compliance with Truth-in-Lending using a variety of resources and tools.

Compliance with the Truth-in-Lending Act (TILA) Is Heavily Regulated

Predatory lending practices have long been in the range of interest for the Federal Government. Therefore, the TIL enforcement and penalties for non-compliance are taken seriously by regulators.  

Learning TIL legislation, and requirements, as well as penalties for TIL noncompliance is quite important in the mortgage industry.

Sources to Learn about Regulation Z Truth in Lending (TIL), Compliance, Enforcement and Penalties

Financial institutions publishers, the National Association of Mortgage Brokers (NAMB) website, an Internet search, the financial section in a bookstore are a great place to find extensive information about TIL compliance rules and provisions.

Samples of Truth in Lending Disclosure Statement are also widely available online. The Federal Reserve Board website and especially the Federal Deposit Insurance Corporation (FDIC) are great sources for learning about the Consumer Protection Act. The TIL (Regulation Z) is in fact part of the FDIC Consumer Protection Act.

How to be compliant with TIL (Reg Z)?

The Mortgage Brokers Association of America (MBAA), the National Association of Mortgage Brokers (NAMB), the Banker's Compliance Group are several Truth-in-Lending Compliance course providers. You are advised to search online for a suitable school or financial institution offering TIL compliance courses.

Also, many mortgage companies rely on outside assistance to provide TIL compliance. There are certain TIL Compliance consultant companies that can be researched and located online. An outside compliance consultant will help evaluate your internal policies, software tools and procedures. There will be also companies who will help you become TIL compliant with Internet based assistance services.

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