Skip to content
BOL Conferences
Thread Options
#1960141 - 09/08/14 07:10 PM Tolerance Cure found during audit
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
Our internal auditing department found a settlement statement that required a tolerance cure, however it was not given at closing or within 30 days of closing. Should the bank (90 days after closing) send a cashiers check to the borrowers for the cure amount?

Return to Top
Audit
#1960554 - 09/09/14 08:06 PM Re: Tolerance Cure found during audit ADN
ComplianceNerd Offline
Gold Star
Joined: Nov 2011
Posts: 378
Texas ...
yes
_________________________
Can't is not an option.

Return to Top
#1960621 - 09/09/14 10:47 PM Re: Tolerance Cure found during audit ADN
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
It is always better to reimburse when past the mandated date, rather than wait for examiners to find it and require the reimbursement.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#1961659 - 09/12/14 06:16 PM Re: Tolerance Cure found during audit Kathleen O. Blanchard
RR Jen Offline
Power Poster
RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
Originally Posted By: Kathleen B
It is always better to reimburse when past the mandated date, rather than wait for examiners to find it and require the reimbursement.


I agree.
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

Return to Top

Moderator:  Andy_Z