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.
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.
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.
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.
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.