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Weekly Newsline

RESPA Kickbacks

Get your “kicks” on Route 66, not from RESPA! The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress in 1974 to regulate the disclosure of all costs and business arrangements in a real estate transaction settlement process. One purpose of RESPA is to regulate the referral of business …

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The Ring of CDD Changes

Did you hear it? The alarm clock that just rang to signal the ‘one-year warning’ for May 11, 2018. That is the effective date for the Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence (CDD) enhanced rules and the need for financial institutions to add a fifth pillar to the …

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Credit Reporting Compliance

The comments about credit reporting at your next examination may come as a surprise. It’s something that most of us don’t think that much about, especially considering the heavy hitting issues of TRID, HMDA, and UDAAP. Think the Consumer Financial Protection Bureau (CFPB) and other federal bank regulators aren’t thinking …

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Why You Deny

From one mortgage loan applicant to another, the stories and financial information can vary greatly. Loan officers and underwriters face a challenge putting the pieces together for each applicant to solve the “creditworthiness puzzle.” When the pieces all fit, it’s a beautiful thing, but, when you end up with pieces …

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Oops! What if Flood Insurance Lapses?

No matter how or why lenders have required flood insurance on a property, if the flood insurance lapses during the term of the covered loan, it’s a problem. First, of course, there is the possibility that flood damage could occur during the lapse, and, second, most regulators will cite flood …

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HMDA Reporting: Three Questions and Answers

Despite the flood of regulatory information provided by the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA), questions abound about the impending Home Mortgage Disclosure Act (HMDA) rules changes. HMDA-reporting …

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Who’s Who? Applicants and Applications

Day in and day out mortgage loan officers and other company representatives meet with dozens of consumers who may inquire about loan programs, terms and conditions, and application parameters. But, when do these throngs become applicants, and when does the financial institution have a mortgage loan application? What about a …

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Doveryai no proveryai. (Trust, but verify)

“Doveryai no proveryai. (Trust, but verify)” Russian proverb used by President Ronald Reagan in arms control talks with Soviet President Mikhail Gorbachev The examination team has just wrapped up the exit meeting with management, and it wasn’t pretty. Since the previous examination, the company has poured money and manpower into …

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Wrangling Social Media

It’s communication. It’s sharing. It’s information. It’s the tool du jour for customer engagement, and businesses around the world are discovering how social media is contributing to success and growth. From a compliance standpoint, social media is a fertile field for problems. This week we will pull together resources to …

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