Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
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.
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.
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.
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.
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.