Hi! It’s Tory Haggerty from Tuscan Club University’s Fair Lending School and welcome to another Fair Lending Short.
In this fair lending short, we are going to talk about ideas for fair lending training for your loan staff.
The main reason I created our fair lending school is because most fair lending training in the industry is just laws and regs, prohibited basis groups, and a few examples of how other banks have screwed up. That’s not helpful.
Rather than the cookie cutter training modules and webinars, try training on your policies and procedures. I always say that setting up strong policies and procedures is one of the best ways to build a fair lending program, but actually following them is just as crucial.
I know what you may be thinking. Everyone knows and follows policy at our bank. As someone who has conducted more than a 100 fair lending audits and countless interviews with lenders, I’m sorry to say but that’s simply not true.
I often do lender interviews where I ask them basic questions, focusing on what I’ve learned from reading your policies and procedures. And way more times than I’d like to admit, lenders don’t know, understand, or follow policy.
Build strong procedures – clear, concise, and free from guesswork, but then spend the time training loan staff to use them the right way, every time.
This is such an underrated tool that is free, simple, and only takes a few minutes, but it can have a major impact on your fair lending performance.
Thanks for reading!
Click here to learn more about Fair Lending Compliance & Audit Training.
