LOCS Policy and Procedures

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LOCS Tool 1: Policy and Procedures

LOCS Tool 1: Policy and Procedures

Price:

$129.00

Code:

WB302A

Expert:

REGCOM

Develop and implement a comprehensive LOCS compliance policy – quickly and easily.

The LOCS Policy and Procedures tool delivers what you’ll need to create and implement a comprehensive LOCS policy. You’ll find expert guidance, fully-detailed policy documents and forms – all easily customizable to meet specific needs – customer attestation materials, and more.

LOCS Policy and Procedures includes the following attachments:

Determine What Loans are Covered
Define a Mortgage Loan Originator
Review of Loan Officer and Mortgage Broker Identification Process
Define Compensation
Determine How to Document Who has been Compensated and from Where Payment Derives
Independent Testing for Compliance Assurance
Customer Attestation

These policies and procedures will help you:

Define the terms and activities relevant to the regulatory requirements
Establish authority and responsibility in the development, implementation and maintenance of policy and procedures
Detail potential indicators of deceptive lending practices
Direct development of LOCS oversight procedures
Identify some permissible calculations for compensation
Offers guidance on steering prohibitions
Provide worksteps to implement and comply with compensation requirements
Diagram and detail specific points to address
Provide customizable forms, documents and disclosures
Describe “next steps” for management and staff

These documents are not only excellent examples but will provide the framework to immediately implement a dynamic, proactive LOCS governance approach.

Utilizing this sample policy, senior management will be in a position to consider and document institution-specific benchmarks and establish guidance on types of acceptable compliance programs for your institution. The model policy is provided in a Word® file that can be customized to address your unique circumstances and help minimize the risk your institution faces. You can insert your institution’s name and data and replace relevant dates, names, and titles using the search and replace function.

Sheshunoff's Management Workbench Tools Save You Time and Headaches

This versatile program allows you to pick and choose the tools you need for your institution. If you are setting up a new initiative or want comprehensive guidance, purchase the complete program that includes all the tools at a discounted price! Order the entire Loan Originator Compensation and Steering Program suite for extra savings!

If you have an existing program in place but would like additional guidance or reassurance, you can purchase just the tools you need. Our helpful policies and procedures will help satisfy your regulatory requirements and the audit worksheets will help you ensure that your program is on the right track. Management and reporting worksheets quickly allow you to disclose the success of your program or identify weaknesses that should be addressed.

Developed by a former regulator and consultant, the Sheshunoff Management Workbench gives you practical tools for critical areas of your institution. More than "just checklists" -- these downloadable files are simple work tools that you can instantly put into place in your department.

About REGCOM

Regulatory Compliance Associates, Inc. (REGCOM) was established in 1988 by Jerry Miller, president. Mr. Miller was formerly with Peat Marwick Main & Co., where he served as practice leader for the Midwest Financial Institutions Regulatory Compliance Consulting practice. In this role, Mr. Miller advised management and directorates of financial institutions on understanding and complying with banking regulations, including the development and implementation of formal policies and procedures. Prior to joining Peat Marwick, Mr. Miller served as an OCC field examiner and member of the OCC regional/district management team.

With a wide range of regulatory examination and financial institution experience, REGCOM’s staff has experience in assisting management and directorates of financial institutions on a number of focus areas, including understanding and complying with regulations, training, and assisting problem institutions. REGCOM’s publications cover a variety of management and regulatory focus areas, and guide management through the design and implementation of individual regulatory compliance programs for financial institutions of all asset sizes. REGCOM offers proactive information and solutions to all levels of staffing within the financial services industry. See all works by REGCOM