mortgage advertising compliance checklist 2020

https://www.linkedin.com/company/top-of-mind-networks/, How you can stay compliant with federal and state regulations, The Guide To Becoming a Mortgage Loan Officer, Overcoming Pain Points in Mortgage Loan Officer Recruiting, Performance Marketing for Mortgage Lenders, Tools to Help Increase Mortgage Lead Generation, Do Not Sell or Share My Personal Information. Advertising Checklist - PDF Advertising Checklist - DOC print email share 0000003459 00000 n 5755 North Point Parkway, Suite 227 | Alpharetta, GA 30022 | 770-410-1219 | support@TheMortgageTrainingCenter.com, Best-Ever Compliance Checklists for Consumer Loans, Best-Ever Compliance Checklists for Commercial Loans, www.TheMortgageTrainingCenter.com/best-ever-compliance-checklists-for-consumer-loans-wt1000723, www.TheMortgageTrainingCenter.com/best-ever-compliance-checklists-for-commercial-loans-wt1000855, Truth in Lending (Right of Rescission, HOEPA, HPMLs, ARMs, early disclosures), Reg B (appraisal copies, joint credit, adverse action), Reg B rules (adverse action, appraisal copy, joint credit). u7O&v'sCe?!4fLR-.?qHu2{_$[|}l>L&3QziM::KFo9L;t26M8ZYuC|d~61L y~"? 0000004339 00000 n This is also important to the consumer because HMDA reveals possible discriminatory lending patterns. )99\KEfA-j+0*8T[V]\b}-z Rules intended to reign in employees can exacerbate the same risks they are intended to prevent. Or helping your borrower to determine if they need special types of insurance. Complying with mortgage regulations can be a time-consuming, expensive, and frustrating process at times. 4B1Nch]#= l|^=|jWfvn'rhw"Ni=5Qcgbo\mwmh2m3Q6b_zWbwbGzbCmg/vmLydv}8bzT\7j_r$}S=]..>=zl7xu9[>>OWg/h?/e@]Qjh;Xmfbj]GC8eee? Also, if you use an outside marketing agency for your bank advertising, your bank is still responsible for the material that is put out. Mortgage compliance. RESPA is intended to reduce unnecessarily high settlement costs by requiring disclosures to buyers and sellers. Making any misleading claim in an advertisement that the mortgage product offered will eliminate debt or result in a waiver or forgiveness of a consumer's existing loan terms with, or obligations to, another creditor. One of the most significant challenges facing mortgage lenders today is understanding how their marketing strategy is doing from an absolute standpoint. Most mortgage firms integrate compliance checks into their loan origination software (LOS). From training, policies, forms, and publications, to office products and occasional gifts, its available here: BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between. The Truth in Lending Act (TILA), passed in 1968, protects borrowers by requiring lenders and creditors to disclose the terms of a loan. Being well-versed in mortgage compliance will help you recognize possible issues before they develop further. 0000071071 00000 n 0000004988 00000 n such as an EFTA compliance checklist and an Internet security . Read our privacy policy for more information on the cookies we use and how to delete or block them. TheMortgageTrainingCenter.com. Unless youre a mortgage compliance expert, chances are, compliance is a bit of a question mark in the loan process. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted. In fact, theres never a time for that. Luckily, you can align all regulations into a single scaled process using automated software. Rather than seeing ethical advertising as an inconvenience, think of it as your duty. And it is completely understandable why. HMDA is challenging for mortgage lenders because it requires impeccable documentation. 0000013292 00000 n This button displays the currently selected search type. SEO is where your money needs to be. The rudimentary way to implement a mortgage compliance checklist is to attach a template document to each mortgage application. Learn about our FREE and Premium Newsletters and Briefings. A creditor may use a unit-cost approach in making the required disclosure, such as "48 monthly payments of . There are federal and state level mortgage compliance rules to minimize a financial institutions risk. ), Reg B. Guidelines are grouped into 12 functional areas, such as the Bank Secrecy Act, compliance program audits, lending and open-end credit accounts, and more. k]%=O+&f3StOj,^^fMfRBb!&hL13^p0%zrIpF@ hr"H))B]P4a4br+=iJnS}DSVrnSBby)Eb^wqGCKq%R&%9K5a7br(;EC4=c('p%;n3)>. What are mortgage compliance best practices? Regulation DD is in place to stop misleading, inaccurate or misrepresentative ads from being spread. Doeren Mayhew is an independent member firm of Moore North America, Inc. (MNA), which is itself a regional member of Moore Global Network Limited (MGNL). Dc#" ZXh`C$]9-"Rcgg1D?ov$7{ 6O U9%kCTw7"U2a?]5mjJELV=RS This can expose the lender to fines but the pressure to keep these high performers is high in a competitive labor market. 0 guidance. The examination procedures include a series of modules that group similar requirements together. Next, take a look at the core compliance checks that belong in your loan application workflow. 0000014862 00000 n The purpose of Triggering Terms is to clarify the terms of a loan providing consumers with the opportunity to compare offers from different lenders. Act as a safety net against suspicious behavior. Solve problems involving unconventional borrowers Another reason that compliance exists is for LOs as they help less conventional borrowers. UDAAP is a newer regulation that was introduced under the Dodd-Frank Wall Street Reform Act of 2010 as a way to protect consumers from unfair, deceptive, or abusive tactics in banking. Reg B mandates that lenders provide oral or written notice of rejection to failed applicants within 30 days of receiving their completed application.). And in some instances, such as text message marketing, lenders must document that consumers expressly opted in to receiving communications. Advertising Checklist BOL Guru Jim Bedsole has furnished an advertising checklist that was developed and used by The South Financial Group.It has separate sections for NDIP, general advertisements, and various types of lending ads (closed end, open end, HELOC).Wow! a marketing agency, is also a smart move. Compliance can be a big, undefined mess of acronyms and legal speak, but its a critical part of being a top producer. Youre also OK to use the term interest rate, as long as its said in conjunction with annual percentage yield or APY. You may even utilize regulation checking within your existing software stack. 0000008434 00000 n Using this checklist can minimize follow-up documentation requests. Lenders usually respond to regulation by ratcheting down what theyll allow loan originators to do, but that approach has been known to backfire. Integrating compliance into LOS also means you get the bonus of tracking which checks are creating bottlenecks in your workflow. Collecting data through regulatory measures is one of the best ways to make the process better for all parties involved. The data from HMDA is then anonymized and turned into data tables to track lending patterns and possible discrimination. For materials co-branded with a referral partner, lenders must demonstrate that each co-marketing party has shared fair market value in accordance with RESPA. Disclosures are required in any marketing materials which use a word or phrase that advertises the terms of a credit agreement. Flood Zone Determination requires financial institutions to no longer make or renew any loan for a property that is located in a special flood hazard area (SFHA). This may look like you being up front about closing costs and fees. This is beneficial to the consumer, because if they take the proper steps, they have the chance to stop paying for PMI. Lenders can use our find a housing counselor tool to meet RESPA requirements to generate a list of housing counseling agencies for each applicant. Mortgage lenders must ensure that all application correspondence avoids the collection of specific personal information about an applicant that has no bearing on an applicant's ability to repay the loan requested. Lenders are prohibited from discriminating on the basis of age, gender, ethnicity, nationality, or marital status. Mortgage lenders and advertisers found to be in violation of Regulation N can face civil penalties. 0000001536 00000 n 0000003292 00000 n Looking to experts for help, a.k.a. H\n0y The first reason that mortgage compliance exists is the most obvious: in order to keep mortgage professionals following regulatory laws. Part of the Truth in Lending Act, Regulation Z requires lenders to provide borrowers with disclosures for all interest rates, fees, and finance charges in writing. Learn How! Unfortunately, suspicious customers will probably present themselves during your career. What do those words bring to mind? Picking standardized enforcement implemented through your LOS over individualized loan officer interpretation can help to reduce liability. It amounts to an overwhelming alphabet soup that can force organizations into compliance paralysis. The amount of regulatory mortgage forms can make anyones head spin. Products & Services to help manage and grow your career! BankersOnline.com - For bankers. Fundmore helps mortgage firms of all sizes stay compliant to shield against both regulatory and reputational risks. The only way to make the mortgage process better is by tracking what were doing now. In fact, a routine compliance review looking at all tiers of this regulatory compliance rule is recommended. So, take the time to decode it! This one ties back to Regulation DD, too. These procedures include guidance for examination of all aspects of mortgage origination. 2022 DSM. We will invest it in local (and national) SEO marketing strategies that work. Automation means that every lender in your office is working within the same set of standards. Was something in the ad, whether an omission, representation or practice, misleading or likely to be? .v6>?PWokuZ575`)\x~CnUJ9oo"=#3=;?. The LOS does all the tracking automatically for you without the need to manually process a worksheet. However, there are a few major compliance regulations to be familiar with. A CRM with a well-designed approval management function allows organizations to assert control where necessary while offering leeway to the qualified, trustworthy individuals who deserve it. Support our advertisers and sponsors by clicking through to learn more about their products and services. Looking to experts for help, a.k.a. If you still have a question, you may submit it using the link below. / Reg N (regulates how mortgage lenders, servicers, brokers, advertising agencies and others can advertise mortgage services. Senior Compliance Manager. If youre starting to consider advertising for your bank, you cant just make lofty promises to customers that will never come true, but you also dont want to bore customers with endless statistics and lose their attention. Pick our Brain for free* You're paying good money to your marketing agency each month. PMI protects the lender in the case that a borrower stops paying for their mortgage. TRID refers to a series of guidelines enforced by the Consumer Financial Protection Bureau (CFPB) designed to close common loopholes used by unethical lenders. 0000004452 00000 n Stated the amount of a payment, but did not include the amount of each payment that will apply over the term of the loan, including any balloon payment, the period of time during which each payment would apply, and the fact that the payments do not include amounts for taxes and insurance premiums, if applicable, and that the actual payment obligation will be greater. Under Regulation B, lenders are prohibited from making lending decisions using any of the prohibited factors outlined in ECOA. 7YJ;gC/C_y3Oy7?+D{\*xY"w/y}\2F%o*oC_wF_;2*.,.ZD$T~|wpX-[22 Changes to regulations can introduce risk. Brandignity will put your money to good use. Everyone always says to read the fine print, but is it really that important? See how Surefire effortlessly develops content tailored to your brand. Changes to 1003 are coming, URLA, Universal Residential Loan Application. The second tab is an overview of the audit results and the third tab is a . Mortgage Lenders Model Compliance Manual: Policies, . To help you stay on top of important 2023 deadlines, take a look at this summary of when various tax To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service (IRS Copyright 2023 Doeren Mayhew. Mortgage compliance is too bulky to handle on a case-by-case basis. Next, lenders are required by law to keep copies of loan estimates for at least three years after mortgage papers are signed. TRID was created in an attempt to condense some of the various regulatory documents. In fact, compliance exists to protect LOs just as much as borrowers or lenders. See Freddie Mac Bulletin 2020-10 (04/08/20) and Freddie Mac Guide Section 9203.13(c) and . >.^X8!@nT;NdhaGO@Zh P`rf-72EC When expanded it provides a list of search options that will switch the search inputs to match the current selection. y#;S)G0Bgp{(d=[qm"}tA(\;S{Q[in=}>* HE endstream endobj 38 0 obj <> endobj 39 0 obj <> endobj 40 0 obj <> endobj 41 0 obj <> endobj 42 0 obj [/ICCBased 82 0 R] endobj 43 0 obj <>stream During an audit, the auditor is trying to determine whether or not any violations occurred. In addition, disclosure agreements must be provided at least three days before a loan is signed. Hdnd5)L$eU !hX)a_|UOOU/~q83/77wYbJU-ok6?B&|9sgg'E},-o=Qyw0sI^RPENE9UySWUMx_PD.Ib[5a,/8DNo6^V[0='GUL7g{F~'Krb&fS3>l8odYp*[I&KOe)8 E#^m-&b\o. This may mean providing prompt pricing information, or accurate closing costs. Inflation Reduction Act: Highlights of Key Changes for You and Yo 5 Reasons You Should Consider Having a CECL Validation Performed, IRS and Treasury Unveil New E-Filing Requirements, Harper Announces Enhanced NCUA Compliance Testing, John Zasada, Compliance Consulting Director, Financial Institutions Group. Is it time for a solution refresh? - Being an active member of the Group Compliance functions in development and. However, its important to have a basic understanding of whats going on behind the scenes. !T]6UH J?&UxRsss,iIC They must also have clear receipts for any gifts exchanged with third-party providers to combat kickback accusations. 0000014423 00000 n 0000015004 00000 n 0000011170 00000 n 0000080261 00000 n Interactive Bureau Regulations makes regulations easier to find, read, and understand. The first thing to remember is that maintaining compliance should be a consistent process. Using a worksheet, loan officers fill in columns highlighting which compliance checks are needed, who performed a check, when the check started, and when a check ended. For example, was there a trigger term used in a social post which did not include a disclosure made accessible to the prospective borrower. 1. However, the TGA will take the appropriate use of the checklist in . Sticking to regulation practices throughout the entire loan process means less costly mistakes overall. Compliance and Licensing for Mortgage Brokers and Bankers; Mortgage Closings; Pay-Off Closings; . Additionally, HMDA is in place in order to track whether or not lending institutions are serving their communitys needs. We want your trust and we want your business. Our mortgage loan compliance checklists cover a variety of topics, including the mortgage application itself, credit reports, sales contracts, appraisals, HMDA and flood insurance, and more to help ensure you have "dotted your 'i's and crossed your 't's to get the loan processed correctly and have done so in compliance with applicable rules. Document Checklist This checklist assists lenders in compiling a mortgage loan file that contains underwriting, credit, property, legal, project, insurance, and miscellaneous documentation to be submitted to Fannie Mae on request for a post-purchase quality control review. The purpose of this lending compliance regulation is to prevent customers from feeling pressured to complete a loan application when a loan originator is using high-pressure sales tactics. Copyright - All Rights ReservedPrivacy Policy | Terms & Conditions, Marketing Strategies for Landscaping Businesses That Actually Bring in Leads, 5 Best Marketing Strategies for Banking 2023, Best Practices for A Thriving E-Commerce Business in 2023. You follow the necessary steps and you might even have a compliance team at your company. To demonstrate compliance in the event of an audit, lenders must keep track of what materials were sent to whom, when they were sent and who reviewed and approved them. Make disclosures for deposit products and loan services. In an advertisement for credit secured by a dwelling , when any series of payments varies because of the inclusion of mortgage insurance premiums, a creditor Regulation Z also requires lenders to use fair practices that don't create conflicts of interest between lenders and brokers. 0000010611 00000 n CAN-SPAM (Controlling the Assault of Non-Solicited Pornography And Marketing) Requirement to provide consumers the right to opt-out of emails or from receiving commercial messages. Reporting is key, from tracking the fair market value of print, mailing for mortgage industry compliance, and co-branding services to tracking opt-outs and following other strict marketing rules. Key to this control is the ability to bring multi-channel marketing communication under a single mortgage compliance umbrella within the CRM. These risk self-assessments provide tips and checklists to help mortgage seller/servicers effectively and efficiently manage risk. Borrowers who have a down payment below a certain percentage (normally below 20%), are required to pay for PMI. TILA applies strict liability to any creditor found to be in violation. Failing to implement the necessary controls under ECOA poses compliance risks. social media advertising compliance is generally addressed as part of examinations and when brought to a regulator's attention through complaints. The use of this checklist when assessing a particular advertisement for compliance with the Act and the Code is not a guarantee of compliance or protection from . 0000054263 00000 n All Rights Reserved. 0000022305 00000 n Be inclusive in categories such as gender, race and age to cater to all kinds of customers. You have what it takes to be a top mortgage lender and Surefire has what it takes to get you there. Sign up for a free look book today. %%EOF Saying something is free is surely an incentive, but you have to tell the truth. Regulation B was created by the Federal Reserve to prohibit discrimination based on race, color, religion, national origin, sex, marital status, age, parental status, or use of public aid. Give the full picture of a product or service. 0000077329 00000 n On Sept. 1, 2020, the Consumer Financial Protection Bureau (CFPB) issued a 56-page consent order against Service 1st Mortgage, Inc. (Service 1st) for violating regulatory requirements including Regulation Z. Sure, offering free things attracts consumers. 0000060599 00000 n 0000015898 00000 n 0000017889 00000 n 0000087286 00000 n compliance action. 0000054364 00000 n In order to prove compliance, lenders must keep impeccable records regarding fee justifications. The title time required to pay and period of repayment, The amount of a down payment expressed as a percentage or a dollar amount. Modern mortgage CRMs like Surefire make the internal and external audit processes easy and seamless. 0000070954 00000 n 0000013676 00000 n 0000087563 00000 n Contribute an original tool you have created. An advertisement offering a consumer mortgage which states a simple interest rate also needs to state the annual percentage rate (APR) with at least equal prominence to the rate stated. these procedures to conduct a mortgage origination examination. Learn the Latest in Digital Lending and Digital Banking, Learn What the ABA-Wharton Partnership Can Do for Your Career, Find and Retain Top Talent with BankTalentHQ, Check out the January/February edition of the ABA Banking Journal, Learn about ABAs Blueprint for Growth in 2023and Beyond. Ignorance or Joe in Compliance did it! just wont cut it. Was the misleading part of the ad substantial enough? The rule forbids deceptive claims in mortgage advertising and other commercial communications sent to consumers by mortgage brokers, lenders, services, and advertising agencies. Learn how Jungo apps and implementation services for Salesforce help you increase leads and forge lasting, lucrative relationships with clients. 0000015502 00000 n The Compliance Audit Manual gives you step-by-step guidelines for developing and conducting a complete compliance audit. 06/10/2015. The same wording rules apply here. During this process lenders will need to produce documentation for every social post, flyer, email, text blast, etc. Combining a deeply rooted history with a progressive mindset, the firm offers insight into the business, oversight to ensure best practices and foresight for whats ahead. Some common pitfalls that lenders can encounter include providing improper disclosure for the amount financed, finance charges, payment schedule, percentage rates, payment totals, and security interest. This Excel spreadsheet is a tool for managing audits. You'll also receive a supplement with your subscription A Review of Consumer Laws and Regulations providing detailed summaries of major requirements in the areas of consumer compliance. May 2019 - Present3 years 11 months. Build profitable relationships with referral partners, Direct integrations with the top loan origination systems, Simplify the mortgage application process, Mortgage Regulations, Decoded [Your Mortgage Compliance Checklist]. It uses a three-part test to determine if advertising falls under this umbrella. Compliance needs to easily report on content used in marketing campaigns including those based on one or more ofemail, text messages, recorded messages, phone calls, as well as print marketing. As mortgage and real estate professionals, it may not always be clear or easy to be up to speed on all the compliance rules and regulations. We use cookies to improve your experience and optimize user-friendliness. Mortgage CRM systems often rely on the marketing team to produce compliance reporting, but modern CRMs like Surefire allow the compliance officer specialized access to do so on demand. In fact, doing so is required by the Equal Credit Opportunity Act and other fair lending regulations, and we couldnt agree more. 0000082749 00000 n Please help us keep BankersOnline FREE to all banking professionals. 0000023292 00000 n For example, you have to specify for how long this APY is being offered or state that the APY is valid as of a certain date. However, it is a foundational portion of the loan system. 1972 0 obj <>/Filter/FlateDecode/ID[<9E7DEC03B73F094AA8F002C55EDE012E><816F1829212DB64A9FBC594B34B916A6>]/Index[1760 247]/Info 1759 0 R/Length 171/Prev 482106/Root 1761 0 R/Size 2007/Type/XRef/W[1 3 1]>>stream 31 62 If youre advertising loans, then certain terms such as annual percentage rate, APR, down payment, finance charge, and payment amount, must be elaborated upon elsewhere in the advertising for your bank. Explore guides to help you plan for big financial goals, Ability to repay and qualified mortgages (ATR/QM), Home mortgage disclosure reporting requirements (HMDA), Rules governing mortgage appraisals and other written valuations under ECOA, Rules governing appraisals for higher priced mortgages, Rules governing escrows for higher priced mortgages, Rules governing loan origination practices, Secure and fair enforcement of mortgage licensing (SAFE Act), Real Estate Settlement Procedures Act (RESPA), Providing equal credit opportunities (ECOA), Annual Percentage Rate Tables for Closed-End Transactions (Regulation Z), Review the rural and underserved counties lists, Browse mortgage-related enforcement actions. SEO beats direct mail and print ads. Executive Vice President, Regulatory Compliance and Policy, Senior Vice President, Endorsed Solutions, Senior Vice President, Risk & Compliance Markets, 1333 New Hampshire Avenue NWWashington, DC 20036, ABA/ABA Financial Crimes Enforcement Conference, ABA/IBA Women and Allies Leadership Symposium, Onboarding and Workplace Essentials Online Training, Marketing & Communications Online Training, Certified Financial Marketing Professional, Environmental Social and Governance Network, Americans with Disabilities Act Peer Group, Community Engagement and Reinvestment Committee, Cyber and Information Security Working Group, Diversity, Equity, and Inclusion Advisory Group, Diversity, Equity, and Inclusion Open Forum, Environmental Social and Governance Working Group, Minority Depository Institution Advisory Council, Moderate or Limited Trading Assets Working Group, Mortgage Markets & Lending Technology Committee, Risk Metrics/Key Risk Indicator Working Group, Telephone Consumer Protection Act Working Group, Ability to Repay and "Qualified Mortgage" Exemption, Affordable Housing and Community Investment, Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Reform, Current Expected Credit Loss Standards (CECL), Fiduciary Regulation by the Department of Labor, Flood Insurance Reauthorization and Reform, Community Development & Affordable Housing, Compliance Audit Manual Table of Contents, Review of Consumer Laws and Regulations Table of Contents and Sample Chapter. The three tabs to the worksheet are a planning calendar that indicates when audits are scheduled including the projected completion date, who the auditor will be and the date of actual completion. A scalable LOS system will allow you to add all applicable compliance regulations to your workflow. - Detect and escalate areas of non-compliance for early . Lenders are required to retain records of all customer marketing communications which can include text messages, emails, social posts, etc. Visit www.doeren.com for more information. Below are training courses for both complying with mortgage laws and getting help with marketing your mortgage businesss. HMDA also compels lenders to report information regarding loan pricing. Offering honest and up front information will keep both the clients and regulators happy. The same goes for balance-inquiry, check-printing and electronic transfer fees. 31 0 obj <> endobj xref 0000082023 00000 n HMDA requires mortgage lenders to publicly disclose mortgage data. The Regulation Z advertising violations cited by . Just dont be shady; its as simple as that. which it might do if the check amount is more than a certain dollar limit or if youve had more than X number of bounced checks in the past year. In this way, its simply just ethical for any business to disclose as much information as it can to consumers. 0000087889 00000 n The checklist should be used in conjunction with the Act, the Code and published . What's more, intent is not considered relevant when an error is made. L5j]6"ih|\=U FTDF~)W;Lf8Q(|gaQpWFFQ48~tD@=,26vh VPPH&@AFAc @V(lNH %-@ / f`|H[+XDO@!A?cilQ600bc"`82\:@3|Z3$,p$q?,[`a7``(!+KbL@ zN|j*b9&P6 >>> endobj 33 0 obj >/PageWidthList<0 612.0>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/Tabs/W/Thumb 22 0 R/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 34 0 obj [35 0 R 36 0 R] endobj 35 0 obj <>/Border[0 0 0]/H/N/Rect[303.851 547.07 353.976 534.46]/Subtype/Link/Type/Annot>> endobj 36 0 obj <>/Border[0 0 0]/H/N/Rect[387.771 547.07 537.507 534.46]/Subtype/Link/Type/Annot>> endobj 37 0 obj <>stream TILA standardizes terms, making it easier to compare between different offers. Their membership in, or association with, MNA or MGNL should not be construed as constituting or implying any partnership between them. %PDF-1.7 % Now, if your advertising lists the APY, it must include other key information as well. Say that your preliminary advertising claims that your bank will pay a check thats been written even when an account lacks the funds for it. One year of PDF updates, emailed quarterly. When advertising for many deposit products and services, banks often use the term APY, which is short for annual percentage yield. 0000002087 00000 n Phnom Penh, Cambodia. When a teaser rate applies, MLOs may advertise that rate if the term of its duration is also stated. This is important for consumers to consider because insurance rates in flood zones can be very high. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010 after the Great Recession .