Some of the oldest regulatory requirements top the list of violations cited during compliance examinations. Failure to provide good faith estimates of closing costs within three days of taking an application is the most common violation of RESPA reported by examiners in 1995. The leading violation of Truth in Lending during the same time period was errors in calculating the finance charge. This is one of the oldest but still most difficult feature to Truth in Lending.
Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 13, 8/96
First published on 08/01/1996