Complying with UDAAP: What Lawyers in the Mortgage Industry Need to Know

Defining, understanding, and complying with Unfair, Deceptive, & Abusive Acts and Practices (UDAAP) is one of the most important—yet difficult and complex—regulations in the mortgage industry for attorneys to master due to its subjectivity and difficulty in defending against.

UDAAP has an impact on every lending regulation within the mortgage industry, including but not limited to marketing, fair lending, licensing, and communication. UDAAP’s influence is all-encompassing, affecting each step of the lending cycle from advertising to servicing closed loans. Legal professionals that handle any aspect of mortgage lending or advising clients on it must know the ins and outs of this crucial regulation.

Attend this program and gain an understanding of the history and overview of this critical regulation. Understand the impact of UDAAP on the mortgage industry and recognize the key components that lawyers must know to successfully practice in this area of law. Explore the various Unfair, Deceptive and Abusive Acts or Practices likely to cause substantial injury to consumers, the best practices regarding Compliance Management Systems, and the newest update to the regulation: unfair discrimination.

It is critical for lending and real estate lawyers to understand how this regulation operates in practice.

Learning Objectives:

• Understand the Origins of UDAAP
• Discover Key UDAAP Concepts for Lawyers
• Recognize Unfair Acts or Practices for Lawyers
• Identify Unfair Discrimination
• Identify Deceptive Acts or Practices for Lawyers
• Review Abusive Acts or Practices for Lawyers
• Evaluate UDAAP’s Impact on Practicing Lawyers in the Mortgage Industry
• Compliance Management Systems and How Lawyers Can Meet Applicable Laws and Regulations
• UDAAP Best Practices for Lawyers