Correcting Reg. Z violation

Posted By: Wonderofitall

Correcting Reg. Z violation - 02/09/11 05:10 PM

Situation: A RESPA covered consumer loan was closed prior to the seventh business day from the date the early disclosures were provided. This appears to be an isolated instance. Can this violation be corrected? If not, what is my next step.

Thanks!
Posted By: Truffle Royale

Re: Correcting Reg. Z violation - 02/09/11 05:59 PM

Can't go back and un-close the loan so no, the violation cannot be corrected.

Document the file that it was an isolated incident. Review with staff and retrain as necessary. Follow-up to make sure it doesn't happen again.
Posted By: Wonderofitall

Re: Correcting Reg. Z violation - 02/09/11 06:23 PM

Thanks, Truffle!