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Product Update Notification - 01/11/10 New Policy Template Secure and Fair Enforcement for Mortgage Licensing Act (SAFE ACT) Policy This new product was developed in response to the FDIC FIL-64-2009 entitled "Secure and Fair Enforcement Act of 2008 - Final Rule" (the "SAFE Act") dated 11/13/09. The final rule The SAFE Act improves the accountability and tracking of residential mortgage loan originators (MLOs), enhances consumer protection, reduces fraud, and provides consumers with easily accessible information regarding the professional background of MLOs: http://www.fdic.gov/news/news/financial/2009/fil09064.html Revised Policy Templates Human Resources General Policy Template Real Estate Loan Policy Template The revision to these products is in response to the above mentioned release regarding the SAFE Act. Both of these templates contain the complete version of the SAFE Act Policy Template. The update to this product is in response to the following regulatory guidance: Federal Reserve Press Release - Helping Families Save Their Homes Act http://www.federalreserve.gov/newsevents/press/bcreg/20091116b.htm The Federal Reserve Board approved an interim final rule to Regulation Z that requires a notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009. Under that Act, a purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days. FDIC FIL-74-2009 - Regulation Z - Open End Consumer Credit Changes http://www.fdic.gov/news/news/financial/2009/fil09074.html On November 6, 2009, the Credit CARD Technical Corrections Act of 2009 narrowed the scope of application of the Credit CARD Act's requirement that creditors mail or deliver periodic statements at least 21 days before the payment due date to credit card accounts only. Previously, this requirement applied to all forms of open-end credit, including home equity lines of credit. What's New Please visit the following pages of our website to review detailed subject matter regarding new topics for these products: Human Resources General Policy Template Update Details Real Estate Loan Policy Template Update Details Regulation Z Policy Template Update Details Ordering Information These products are available to purchase from Bankpolicies.com for: Secure and Fair Enforcement of Mortgage Licensing Act (SAFE Act) Policy $150.00 - List Price Human Resources General Policy Template $475.00 - List Price - or - $100.00* - Update Price *Applies only to clients who have purchased the Human Resources General Policy Template within the last three years including the following update (if applicable): Human Resources General Policy Template Update - 03/16/09 - $50.00 Real Estate Loan Policy Template $475.00 - List Price - or - $100.00* - Update Price *Applies only to clients who have purchased the Real Estate Loan Policy Template within the last three years including the following updates (if applicable): Real Estate Loan Policy Template Update - 11/16/09 - $75.00 Real Estate Loan Policy Template Update - 07/13/09 - $25.00 Real Estate Loan Policy Template Update - 04/06/09 - $75.00 Real Estate Loan Policy Template Update - 01/20/09 - $100.00 Real Estate Loan Policy Template Update - 08/26/08 - $50.00 Real Estate Loan Policy Template Update - 04/01/08 - $25.00 Real Estate Loan Policy Template Update - 07/17/07 - $100.00 Regulation Z Policy Template $375.00 - List Price - or - $25.00* - Update Price *Applies only to clients who have purchased the Regulation Z Policy Template within the last three years including the following updates (if applicable): Regulation Z Policy Template Update - 09/28/09 - $50.00 Regulation Z Policy Template Update - 08/03/09 - $25.00 Regulation Z Policy Template Update - 06/22/09 - $25.00 Regulation Z Policy Template Update - 03/16/09 - $100.00 Regulation Z Policy Template Update - 08/12/08 - $75.00 Regulation Z Policy Template Update - 12/18/07 - $50.00 If you have ordered any of these products after 12/11/09 you are eligible to receive that updated product at no charge. Click here to place an order for any of these products. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price of each product (whichever applies). NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com. Find Out What's New or Revised with our Product Update Program Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product. We encourage you to subscribe today for this free and convenient service. |