Valuation Management Group (VMG) is pleased to read that the Federal Deposit Insurance Corporation (FDIC) announced the release of the second in a series of three technical assistance videos developed to assist bank employees in meeting regulatory requirements. These videos address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB).
The first video, released on Nov. 19, 2014, covered the Ability-to-Repay (ATR) Rule and Qualified Mortgage (QM) Rule. The newest video covers the Loan Originator (LO) Compensation Rule. A third video is expected to be released in February; it will cover the Servicing Rule. The three videos are intended for bank officers and others responsible for ensuring the bank’s mortgage lending operations comply with the CFPB mortgage rules.
“Today’s release of the second technical assistance video on the new mortgage rules represents FDIC’s ongoing commitment to informing community banks about important regulatory issues and to help them manage regulatory changes in the consumer compliance area,” said Mark Pearce, Director of the Division of Depositor and Consumer Protection.
These and other FDIC technical assistance videos and additional information can be accessed on the FDIC website.
Valuation Management Group conducts bi-monthly and as-needed training for our employees which requires a commitment of time and money. For our clients, we recognize the challenge they face in working to make certain their employees are provided relevant training on the regulatory aspects of a bank’s operation. It can be an enormous task. The FDIC’s no-cost and on-demand videos are great tools to assist banks in providing training to their associates on specific topics.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We offer the full array of commercial and residential appraisal products and services. We take the appraisal process from ordinary to extraordinary.