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Loan Origination Regulatory Compliance Call

Question: 
What is the average sample size for Loan Origination Regulatory compliance call monitoring?
Answer: 

by Andy Zavoina:

I'm not sure if I'm getting the question right, but we have a tool on BOL to assist you in statistical sampling. This provides an equally proportional sampling methodology as opposed to a nonstatistical system that would be judgment based, such as pull the last 50.

https://www.bankersonline.com/tools/42466

Following that XL sheet the sample gives you a 90% accuracy rate in your findings. This is what the FRB used to go by. I don't believe there is any industry average as it depends on the bank and where that product is in the risk rating hierarchy.

Answer: 

by Randy Carey:

CFPB Mortgage
Examination Procedures Origination
CFPB January 2014 Procedures 15
Module 2 – Advertising and Marketing

Conduct of Employees and Service Providers

20. Determine whether the entity has developed appropriate training and monitoring policies and procedures for employees and service providers that provide marketing, including:
a. monitoring outbound calls to consumers to ensure compliance with applicable law and internal policies;
b. ensuring service provider compliance with legal obligations; and
c. regularly evaluating employee and service provider performance.

Refer to the Compliance Management Review - Compliance Program examination
procedures for more information

First published on 06/10/2018

Filed under: 
Filed under compliance as: 

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