Skip to main content

Lenders One educates and preps its members for SAFE and RESPA compliance

Dec 16, 2009

As new regulations are set to take effect at the beginning of 2010, Lenders One Mortgage Cooperative, a national alliance of more than 150 independent mortgage bankers, has taken steps to ensure its members have the information and processes in place that are needed to comply with the SAFE Act and the Real Estate Settlement Procedures Act (RESPA). “As many financial institutions scramble to understand the regulations and what to do in preparation for the upcoming changes, we are providing our members with all of that information from a single source,” said Scott Stern, CEO of Lenders One. “With so many proposed changes at the federal and state levels, now is not the time for lenders to start guessing about what should be done to remain compliant. The current market leaves little to no room for any errors.” With its preferred partner, TrainingPro, Lenders One has more than 2,000 users who take required education classes, including those required by the SAFE Act. Originators working for Lenders One members have taken more than 6,300 classes since April 2009. TrainingPro has been a Lenders One preferred partner since 2008. While it is usually the responsibility of individual loan officers to educate themselves on such regulatory changes, Lenders One, which already provides it members with free online continuing education in 40 states, has provided webinars on the SAFE Act as well as other federal modifications to FHA and RESPA regulations. These informative sessions offer members an opportunity to ask questions and learn firsthand how the new guidelines will affect their business. “It is vital to the health of the mortgage industry that lenders understand [the ramifications of the] upcoming changes,” Stern continued. “We consider it paramount to ensure our members have all the information they need to remain competitive and grow market share.” For more information, visit www.lendersone.com. 
About the author
Published
Dec 16, 2009
CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

False Moves, Real Consequences

Don’t let missteps mortgage your future