Policies and procedures.

CFR · 2024-01-01 · US · Title 12

A covered financial institution that employs one or more mortgage loan originators must adopt and follow written policies and procedures designed to assure compliance with this part. These policies and procedures must be appropriate to the nature, size, complexity, and scope of the mortgage lending activities of the covered financial institution, and apply only to those employees acting within the scope of their employment at the covered financial institution. At a minimum, these policies and procedures must: (a) Establish a process for identifying which employees of the covered financial institution are required to be registered mortgage loan originators; (b) Require that all employees of the covered financial institution who are mortgage loan originators be informed of the registration requirements of the S.A.F.E. Act and this part and be instructed on how to comply with such requirements and procedures; (c) Establish procedures to comply with the unique identifier requirements in § 1007.105; (d) Establish reasonable procedures for confirming the adequacy and accuracy of employee registrations, including updates and renewals, by comparisons with its own records; (e) Establish reasonable procedures and tracking systems for monitoring compliance with registration and renewal requirements and procedures; (f) Provide for independent testing for compliance with this part to be conducted at least annually by covered financial institution personnel or by an outside party; (g) Prov

official document · source cfr-2024 · id 12:§ 1007.104