August 12th, 2018
This is a special alert for my clients.
In the last ten days five clients have received audit letters from the OFR. All five clients had NOT been audited in 8 to 10 years. One had not been audited in 20 years.
It appears to me as if the OFR is on a “catch up” campaign. This means we know of three confirmed danger areas for an OFR audit.
If you are a new company with a new NMLS number, you will be audited in the first 18-24 months. Perhaps, sooner.
If it has been at least 7 years since your last audit, get ready. Use the checklist in Compliance Book Three to see how prepared you feel. Then let me know.
If you have had a consumer complaint that you failed to respond to, you can expect a visit.