Learn More - Click Here!

Thread Options
#1507313 - 02/09/11 05:10 PM Correcting Reg. Z violation
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 163
Out West
Situation: A RESPA covered consumer loan was closed prior to the seventh business day from the date the early disclosures were provided. This appears to be an isolated instance. Can this violation be corrected? If not, what is my next step.

Thanks!
_________________________
You're never too old to learn something stupid.

Return to Top
#1507391 - 02/09/11 05:59 PM Re: Correcting Reg. Z violation Wonderofitall
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,285
Can't go back and un-close the loan so no, the violation cannot be corrected.

Document the file that it was an isolated incident. Review with staff and retrain as necessary. Follow-up to make sure it doesn't happen again.

Return to Top
#1507428 - 02/09/11 06:23 PM Re: Correcting Reg. Z violation Truffle Royale
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 163
Out West
Thanks, Truffle!
_________________________
You're never too old to learn something stupid.

Return to Top

Moderator:  Lestie G