Get The Dodd-frank Act: A Cheat Sheet - Morrison & Foerster Llp

Filling out The Dodd-Frank Act: A Cheat Sheet from Morrison & Foerster LLP involves a clear understanding of its sections and components. This guide provides step-by-step instructions designed to help users navigate the form effectively, ensuring compliance and clarity.

Follow the steps to accurately complete the form.

1. Press the ‘Get Form’ button to access the document and open it in your digital environment.
2. Carefully review the introductory section of the form, which outlines the purpose of the Dodd-Frank Act and its significant components.
3. Proceed to complete the first section regarding 'Ability-to-Repay and Qualified Mortgages.' Provide the necessary borrower information as mandated by CFPB regulations.
4. In the 'Servicing' section, detail your processes for payment notifications and error resolutions, adhering to the new servicing rules.
5. For the 'High Cost Mortgage Provisions,' check off any applicable criteria related to the loans being covered, including required counseling disclosures.
6. Fill out the section regarding 'Higher-Risk Mortgage Appraisal Documentation,' ensuring compliance with new appraisal mandates for higher-risk loans.
7. Provide appraisals and valuations as outlined under the 'Appraisal Disclosure' section, making sure to include copies for applicants as required.
8. Complete the 'Loan Originator Compensation' section, ensuring all compensation structures align with CFPB rules and prohibitions.
9. Follow the instructions in the 'RESPA-TILA Reforms' section to integrate all residential mortgage disclosures as per the upcoming standards.
10. Address any concerns in the 'Fair Lending' section by outlining the practices in place to prevent discrimination and ensure compliance.
11. In the 'Risk Retention and Qualified Residential Mortgages' section, document your institution's approach towards risk retention amid the outlined regulations.
12. Finalize the form by reviewing all sections for accuracy. Save any changes you have made, then download, print, or share the completed form.

Complete required documents online to ensure compliance and best practices.