Most Popular Compliance Content
What's an Acceptable Deductible for Flood?
10/29/2023
We have a loan closing for a commercial property. The loan amount is $183,000 and the building is valued at $240,000. The borrower's flood policy is for $183,000 with a $50,000 deductible. He does not have sufficient cash on hand to handle a deductible this large. I told the lender the deductible is too high for the coverage amount, but the borrower is insisting on keeping his deductible at $50k. The lender says they are fine with the deductible being this high. Does that make this acceptable?
Is this a credit card billing error?
10/29/2023
Regarding Credit Card Billing Errors - If the bank makes a payment posting error to a credit card and within a few days through reconciliation discovers the error and makes a correction to the account, is this considered a Reg Z - Billing Error Resolution and a notice must to go out to the consumer explaining the error?
TRID disclosure error, correctible?
10/22/2023
The list of service providers we gave out has a mistake on it, The lender inadvertently put two providers in one box, One of these providers is an affiliate, the other provider is a third party, The contact information for the third party is right, but how the providers name is displayed as lenders affiliate-third party, would this be an issue? My concern was it would hinder borrowers ability to shop, also an affiliated business disclosure would be required. What are your thoughts?
Audits and document management
10/22/2023
How are audits impacted by a financial institution’s document management processes?
Beneficial Owners with Substantial Control—how many?
10/22/2023
Will there be more than one substantial control person for a company?