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#2269730 - 04/27/22 07:43 PM MLA disclosure requirements
dtew Offline
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Joined: Apr 2021
Posts: 15
We have the MAPR statement on the loan note. We do no put an 800 with the statement. We do not have a way to document that it was read orally to them. Is it required to be given at application as well?
Even though we don't have a process in place to document that it was read orally, would this be enough for the auditors to have the printed MAPR statement on the loan note to "assume" it was read to the customer?

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Lending Compliance
#2269740 - 04/27/22 08:33 PM Re: MLA disclosure requirements dtew
raitchjay Online
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Joined: Oct 2009
Posts: 9,088
OK
Give lending staff written procedures requriing them to read the MAPR statement when applicable. Print those same procedures off and hand them to examiners. Problem solved as far as i'm concerned.
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#2269916 - 05/02/22 05:11 PM Re: MLA disclosure requirements dtew
RVFlyboy Offline
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Soaring over Georgia
I have zero confidence that our lenders will always remember to provide the oral disclosure in every situation where required. That is why the decision to set up a toll-free number with the disclosure recorded and put that number on the disclosure was an easy decision.
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