Skip to content
GeoDataVision
Thread Options
#1905942 - 03/17/14 04:18 PM Skipped analysis...
1995Banker Offline
100 Club
Joined: Apr 2002
Posts: 241
We discovered we had skipped the annual analysis for one borrower, during our internal compliance audit. The analysis should have been performed in December 2013. Can someone give me some advise on what to do? Can we go back and re-create? This has never happened to us before...apparently the analysis date was omitted when the loan was booked in 2012. We'll certainly pay attention to that one in the future. Thanks!
_________________________
Just when I think I understand....I regain consciousness!!!

Return to Top
Escrows on Higher-Priced Mortgages
#1905958 - 03/17/14 04:48 PM Re: Skipped analysis... 1995Banker
Irishguy Offline
Platinum Poster
Irishguy
Joined: Aug 2008
Posts: 586
Kentucky
I wouldn't think you could go back and back date your analysis. I would probably cut a short cycle statement. And definitely document your file and the controls you have put in place to ensure that you don't forget to note the analysis date going forward.

Return to Top
#1906139 - 03/17/14 08:53 PM Re: Skipped analysis... 1995Banker
Mike Baker Offline
100 Club
Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
This brought back a memory from many years ago at an S&L where I worked...I am not sure what the logic was in the software, but we had a handful of loans for which we received the following message when we ran the escrow analysis program "Prepaid beyond analysis range..."
meaning that the borrower's due date was XX number of months into the future, so the program did not bother do an analysis.
_________________________
"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

Return to Top