I'm a little concerned about our officers remembering to notify our Note Department to report a confirmed address in response to a notice of address discrepancy. Our Note Department would not know if an officer received a notice.

If an officer fails to remember, and we happen to catch it, can we report it later? What systems are you putting in place to make sure the confirmed address gets reported?

Would your internal audit department be able to catch those types of things and make them exceptions for the LO's?

Your CIP procedures should cover this...then when you report the loan to the credit bureau the correct info should be being reported.

2 Parts
1. Training of Loan Personnel of the requirement and the forms we will be using to resolve the Add Discrep. ( Our core provider has the feild there so the credit dept includes that when booking and the new valid address is reported to the CRA with EOM reporting)
2. Adding to the Audit Schedule for next year, to check for this to assure we are following our own new procedures - Then retrain and whip with wet noodles as necessary.

I intend to conduct reviews to ensure they are doing it, but I'm not feeling very confident. All loans are booked in our Note Department, so they would have to be advised to enter the code. I'm revising the form the officers use to request loan documents to include a box for them to check to indicate "C" (for confirmed address in response to NOAD). We'll see how it goes!

We are having it as a line item on the conditions page. Some of our loans are paperless so on those there is a check list on the system they have to use.