|
| |
State and Federal Regulatory Compliance Services
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.
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.
|
