Have you ever eaten at In-N-Out Burger? The menu is simply delicious… straightforward, plain, and uncomplicated. In fact, it is probably a bit like your loan product lineup.
WednesdayMarch 27, 2024
Flood Compliance for Commercial Lenders - How to Stay Afloat
It is commonly thought that Commercial Lending is free from following Consumer Compliance Regulations. This is a just not true – especially when it comes to compliance under the Flood Disaster Protection Act.
WednesdayApril 24, 2024
Common Compliance Violations, Enforcement Actions and Hot To
Nobody wants compliance mistakes but when they are tolerable and in moderation, you grow, you learn from them and that leads to improvement and survival in a tough world of compliance and banking.
Loan servicing covers much more than just mortgage servicing. Think much more broadly than escrow payments-think everything to do with loan payments, from application to closing to the first payment all the way to payoff.
Audit and Internal Controls,Compliance,Compliance Management and There is a saying, “you don’t know, what you don’t know.” While true, recognize you will still be responsible for all things compliance that you should know.
It seems that we get changes to HMDA and/or Regulation C every year. The changes keep adding to the challenge of fully complying with the requirements of the law and regulation.
There are many ways to violate military lending rules and some lenders are actively doing this. One lender recently agreed to pay $225,000 because they were not providing the interest rate adjustments the SCRA requires.
The current HMDA rule has been in effect for over 5 years – since 1/1/2018 - yet questions constantly arise, even from experienced compliance officers.
There are many reasons to keep your flood insurance house in order: consumer harm, collateral loss, and civil money penalties of over $2,000 per violation under the Flood Act.
Many banks do escrow statements at the year end. If your bank is does, your busy season is fast approaching. Regardless of when your escrow statements are done, they must be correct. There is no delay for RESPA deadlines.