Quest provides various
levels of loan file
review audits
focused on
regulatory
compliance, for
both federal and
state regulatory
requirements, to
fit the needs of
the Client.
By outsourcing your
ongoing Regulatory
Compliance audit
needs to Quest, you
will receive a
thorough and timely
perspective on the
quality of your
regulatory
compliance while
you focus your
resources and
attention where
they belong—on
increasing
production and
profit. Our
Regulatory
Compliance Quality
Control Program can
be tailored to fit
your needs and
level of review,
with audits of a
monthly or
quarterly sample of
loan files
including elements
such as:
Federal Regulatory
Compliance
Quest reviews the loan file for the inclusion and
timely issuance of
required Federal
regulatory
disclosures
covering RESPA,
ECOA, FCRA, TILA,
Privacy Acts, the
USA Patriot Act,
Right of
Rescission, and the
completion of the
HMDA Monitoring
Information on the
1003. Quest
also tests the
final TIL for the
compliance of
finance charges and
the APR calculation
with Reg Z, as well
as testing for the
Section 32 trigger
and disclosure if
required. If
requested, an added
service of
conducting a review
and comparative
analysis of finance
charges actually
charged the
borrower on the
HUD-1 versus the
disclosures
provided to the
borrower prior to
closing to check
for overcharges can
be added to the
review. For
federally regulated
institutions that
are not subject to
State Regulation,
but wish to avoid
violating specific
State Hi-Cost
trigger points, an
additional service
is available for
Quest to test the
file to insure the
State Hi-Cost
trigger has not
been violated.
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State Regulatory
Compliance
For brokers and lenders who are subject to State
regulation, Quest
reviews the loan
file for the
inclusion and
timely issuance of
required State
regulatory
disclosures.
Dependent on the
specific reviews
the Client may
desire, other
review and analysis
services available
include Hi-Cost
trigger analyses,
the existence of
required predatory
or Hi-Cost
disclosures, the
lack of
impermissible fees
being charged, and
the review of the
final HUD-1 to
validate that fees
charged are
consistent with the
required disclosure
requirements of the
specific state
involved. In
addition, Quest may
also conduct a
comparative
analysis review of
the HUD-1 to
validate that
third-party charges
are supported by
the proper invoices
and that no
overages occurred,
if such overcharges
are not permitted
by State
Regulation.
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