What constitutes proper “changed circumstances”?

 

Hi Folks, we wanted to address a few TRID issues this week.

We hear a lot of comments each week from our clients about how TRID implementation is working. Some clients are in the “TRID Groove” closing their loans in less than 30 days without any LE or CD issues.

Others tell us that almost every deal has a glitch of one kind or another. Most of those clients are Brokers, not Lenders. This demonstrates that the Lender is going to do what the Lender wants to protect himself regarding TRID, and the Broker may be jumping through those hoops for a while until things really settle down.

We thought it might be helpful to send you a few TRID related documents that have been available on this Blog. The first document is a TRID Quick Reference. This is a good one to make copies of and pass around.  Trid Simplified 090115

The next document is a Changed Circumstances Matrix that has been available on the internet for a few months now. It is pretty clear and appears to have been widely accepted by compliance companies and lenders alike. Changed Circumstances TRID 022216

Finally, we have a recording training session here on the blog – it is 30 minutes long and uses plain English. Go take a listen.

If you are uncomfortable with your compliance effort you can call us at (800) 656-4584.

What’s on your compliance shelf?  Why worry? Just call us.

This is what should be on your Compliance Shelf.

Hi Folks,

We get asked a lot what we mean when we talk about the power of the Compliance Shelf. So I decided to tell you and show you a few pictures. These are from clients of ours.

When you are visited by your regulator it goes pretty far if he or she notices a dedicated area for your Compliance Manuals and Notes (the “Compliance Shelf”). The mere existence of this shelf creates an impression that your company takes compliance seriously. So you come out of the audit gate having impressed the regulator with your preparation. That good first impression.

What does a strong Compliance Shelf look like? It has your Audit Policies and Procedures, your MLO Policies and Procedures, your Regulatory Reference Book, an Advertising Log (back two years), a Customer Complaint Log (back two years), and finally, your QC Manual and Audit Report Log, with copies of all audits and management response. Here are two examples – the one on the right was recently audited by Texas and passed.

Books   WP_20160112_001

But please, don’t think for a moment that just making this impression will save your audit from disaster. You need to live by your policies and procedures. You need to know what they mean and you need to put them into practice.

Compliance is not a part time thing. You must form a “habit of compliance”. Every day, every file. That’s how you have good audit results. It has to be your company culture. Your “shelf” is just part of the big picture.

So, what’s on YOUR “Compliance Shelf”?

Want to learn more? Call us at (800) 656-4584. Over and out.

(Thanks to Eddie and Fred for providing us with these outstanding pictures.)