RC_RC_GO_303.1 TILA Compliance Basics

1-5 CMB Points Advanced Certified Mortgage Compliance Professional (CMCP) Education Regulatory Compliance, Law, & Fraud Residential Self-Study Web-Based Courses
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Member $50.00
Non-Member $100.00

The Truth in Lending Act (TILA), implemented by Regulation Z, is one of the most important laws governing consumer credit in the United States and has a tremendous impact on mortgage lending. TILA's requirements affect the entire loan life cycle: business development, origination, underwriting, closing, secondary marketing, and servicing; so a thorough understanding of TILA and Regulation Z is crucial to conducting the business of mortgage lending from start to finish.

The goal of this course is to describe the Truth in Lending Act (TILA) and its implementing regulation, Regulation Z. TILA Compliance Basics begins with an overview of TILA, explaining the background and scope of the law. It then dives into the law's many important consumer disclosures. The course then presents the ability-to-repay (ATR) and qualified mortgage (QM) rule, which is implemented through TILA's Regulation Z. Next, the course addresses appraisal independence requirements, which refer to the idea that an appraisal should be free of any influence from an interested party. Then, the course addresses loan originator (LO) compensation and high-cost and higher-priced mortgage regulations. Toward the end of the course, TILA's advertising rules are discussed, which require disclosure of accurate information about rates, monthly payments, and other loan features. The course concludes with a discussion of mortgage servicing provisions under TILA.

Please note both the following:

  • TILA is a substantial law and Regulation Z is an extensive regulation, so accordingly, this is a long course. We recommend learners complete the course in sections rather than attempting the entire course in a single sitting.
  • The "Know Before You Owe" initiative and TILA-RESPA Integrated Disclosure rule are covered in detail in the TRID Compliance Basics course; requirements regarding this rule and the Loan Estimate and Closing Disclosure are touched on only briefly in this course.

This is a single-family/residential course.

  • Introduction to Truth in Lending Act
  • The Disclosures
  • Ability-to-Repay (ATR) and Qualified Mortgage (QM) Rule
  • Appraisal Independence
  • Loan Originator (LO) Compensation
  • High-Cost Mortgages and Higher-Priced Loans
  • Advertisements
  • Mortgage Servicing

Seat time approximately 4 hours.

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