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#2012040 - 05/05/15 02:26 PM
Mailing out early docs
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Platinum Poster
Joined: Jan 2007
Posts: 645
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When institutions mail out the early docs, how are you documenting when you mailed them out to comply with the three day window? Are you getting anything signed from the customer saying they received the early docs?
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#2012042 - 05/05/15 02:28 PM
Re: Mailing out early docs
mdog76
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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We send a dated cover letter.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2012055 - 05/05/15 02:53 PM
Re: Mailing out early docs
mdog76
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Platinum Poster
Joined: Jan 2007
Posts: 645
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With sending a cover letter, has anyone ever had a auditor ask "Can you prove you mailed it within the three days?" or "a cover letter can be made any time, can you prove it was mailed?"....we have an auditor that would ask these type of questions.
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#2012070 - 05/05/15 03:06 PM
Re: Mailing out early docs
mdog76
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Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
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With sending a cover letter, has anyone ever had a auditor ask "Can you prove you mailed it within the three days?" or "a cover letter can be made any time, can you prove it was mailed?"....we have an auditor that would ask these type of questions. My first response to the auditor might be "can you prove you have a brain?" Sarcasm aside, we have never been asked, but would show where all mail created during the day is picked-up and mailed, and that is in the bank's procedures.
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#2012120 - 05/05/15 04:53 PM
Re: Mailing out early docs
mdog76
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Power Poster
Joined: Aug 2001
Posts: 7,351
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When our lenders mail the disclosures, they retain a copy of the letter. But then, at some point, they require the applicants to sign the disclosures. This is very confusing because the signature date is often well after the 3-day time frame. I don't know if investors require this or not.
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The more you sweat in training, the less you bleed in battle.......
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#2012204 - 05/05/15 07:14 PM
Re: Mailing out early docs
swiggles
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Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
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Swiggles, the eternal battle of signing something that is not required to be signed. It is a proof, but for the most part a huge issue when debating regulators, auditors on when it was delivered.
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Integrity. With it, nothing else matters. Without it, nothing else matters.
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#2012270 - 05/05/15 09:36 PM
Re: Mailing out early docs
Rocky P
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Power Poster
Joined: Aug 2001
Posts: 7,351
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Swiggles, the eternal battle of signing something that is not required to be signed. It is a proof, but for the most part a huge issue when debating regulators, auditors on when it was delivered. Agreed!! I wasn't presenting that as a method. I was presenting it as a big fat problem. But I don't rule the roost here.....for now it is what it is. Baby steps....baby steps.
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The more you sweat in training, the less you bleed in battle.......
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#2012275 - 05/05/15 09:43 PM
Re: Mailing out early docs
mdog76
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10K Club
Joined: Oct 2000
Posts: 10,180
Toano, VA
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All Reg. Z requires (Section 1026.25) is "evidence of compliance"...not proof of compliance.
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#2012277 - 05/05/15 09:48 PM
Re: Mailing out early docs
mdog76
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Power Poster
Joined: Aug 2001
Posts: 7,351
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I agree with Rocky P. If the docs are mailed and a cover letter is retained, but the signed docs are also in file with a signature and date (a date that is probably not compliant time-wise), there is too much explaining to do. It looks cleaner to simply mail the docs with the cover letter, retain the cover letter and NEVER require the customer to sign and date later on.
_________________________
The more you sweat in training, the less you bleed in battle.......
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#2012319 - 05/06/15 01:18 PM
Re: Mailing out early docs
mdog76
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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That is how I've done it forever and never received any question or criticism for it.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2012322 - 05/06/15 01:26 PM
Re: Mailing out early docs
mdog76
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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Some of you may not be selling loans to investors. It is often those investors who insist upon acknowledgment signatures on disclosures in their (perhaps misguided, perhaps paranoid) attempt to wring as much compliance risk as possible out of the loans they purchase. So for lenders who sell into that kind of a market, the signatures may simply be a fact of life.
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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2012346 - 05/06/15 02:27 PM
Re: Mailing out early docs
mdog76
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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So very true! Investors are a different breed entirely!
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2012407 - 05/06/15 04:04 PM
Re: Mailing out early docs
mdog76
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Diamond Poster
Joined: Dec 2008
Posts: 1,268
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I have to admit, as an internal auditor we see some things that shouldn't be done and that leads to suspicions. Try to remember we all work for the same place and be nice to your IAs! Fortunately, at this bank we are kindly received and known for wanting to help get things right, not as brainless distractions.
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