Posted By: Tesla
MLA Search Not Conducted - 09/21/20 06:48 PM
We recently determined lenders were not conducted the MLA search on covered loans (I know.).
So, I was originally going to have them do the search now, determine if we have any prohibited contract terms or exceeded the 36% MAPR, but if we do the search today, we are only going to get a message that the person was or was not a covered member in the last 30 days. These loans date back several years.
What would you recommend at this point? Just update the process, document the issue and move on?
So, I was originally going to have them do the search now, determine if we have any prohibited contract terms or exceeded the 36% MAPR, but if we do the search today, we are only going to get a message that the person was or was not a covered member in the last 30 days. These loans date back several years.
What would you recommend at this point? Just update the process, document the issue and move on?