Free Mortgage Compliance Checklist

I. Compliance Program Overview

II. Regulatory Compliance

• Ensure compliance with applicable mortgage lending laws and regulations, such as RESPA, TILA, and Dodd-Frank.

• Implement policies and procedures to adhere to regulatory requirements for loan origination, processing, and servicing.

• Stay updated on changes in mortgage laws and regulations and adjust practices accordingly.

III. Loan Disclosures

• Provide borrowers with all required loan disclosures, including Loan Estimate (LE) and Closing Disclosure (CD) forms, in accordance with TILA-RESPA Integrated Disclosure (TRID) rules.

• Ensure accuracy and completeness of loan disclosures, including loan terms, fees, and closing costs.

• Obtain borrower acknowledgment of receipt of loan disclosures and maintain records for auditing purposes.

IV. Fair Lending Compliance

• Implement fair lending policies to prevent discrimination in mortgage lending based on race, ethnicity, gender, or other protected characteristics.

• Monitor loan underwriting and pricing practices to ensure fair treatment of all borrowers.

• Conduct regular fair lending risk assessments and address any identified disparities promptly.

V. Anti-Predatory Lending Practices

• Prohibit predatory lending practices such as steering, loan flipping, and equity stripping.

• Verify borrowers' ability to repay loans and avoid making loans with risky features, such as balloon payments or negative amortization.

• Provide counseling and education to borrowers to help them make informed decisions about mortgage loans.

VI. Escrow Account Management

• Follow RESPA rules for managing escrow accounts and timely disbursement of funds for taxes, insurance, etc.

• Provide borrowers with annual escrow account statements detailing transactions and balances.

• Notify borrowers in advance of any changes to escrow account requirements or payments.

VII. Mortgage Servicing Compliance

• Adhere to mortgage servicing rules outlined in Regulation X (RESPA) and Regulation Z (TILA).

• Give borrowers timely, precise periodic statements with payment breakdown, transaction activity, and escrow account balances.

• Respond promptly to borrower inquiries and complaints and provide assistance with loss mitigation options when necessary.

VIII. Compliance Monitoring and Auditing

• Conduct regular internal audits and reviews of mortgage lending and servicing practices to ensure compliance with laws and regulations.

• Document audit findings and corrective actions taken to address compliance deficiencies.

• Engage external compliance consultants or legal counsel for independent audits and assessments as needed.

IX. Employee Training

• Provide comprehensive training to employees involved in mortgage lending and servicing on applicable laws, regulations, and company policies.

• Offer periodic refresher training sessions to reinforce key concepts and updates.

• Encourage employees to report any potential compliance concerns or violations promptly.

X. Signature

I, [YOUR NAME], hereby acknowledge that I have reviewed and understand the contents of this Mortgage Compliance Checklist. I am committed to upholding the standards outlined herein and ensuring compliance with applicable mortgage lending laws and regulations at [YOUR COMPANY NAME].

[YOUR NAME]
Compliance Officer
[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]

Date:                               

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