Need Reg about Disclosures for Compliance Review

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Question:

I need to know where can I locate the regulation that instructs me on the specific disclosures that I need to gather in order to compile a disclsoure checklist for a compliance review. This would pertain to first lien residential mortgages for purchase and refinance transactions.

Answer:

I don't think you'll find one regulation to help you with this. A checklist of residential mortgage loans is going to represent numerous regulations.

The BOL Tools page has several resources that may be of help to you. For instance, the "Audit Area" has a link to the FDIC's and FRB's Consumer Compliance Manuals. These both have examination checklists. We also have a Real Estate Matrix and Real Estate Checklists available for free from our website. You can find it here.

First published on BankersOnline.com 9/13/10