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.