Brokers who rely on their lender’s captive LOS system may be missing proof of disclosure and subject to adverse findings in an audit.

That pretty much says it all.

During April Audits we saw quite a few instances of Brokers relying on Lender disclosures.

These Brokers opted to quit using Point similar systems to save money.

When audited, their files were missing LEs or CDs and the Regulators cited the Broker for lack of attention to his/her client and the rules.

Brokers need to remember, the rules say that either the Broker or the Lender can prepare disclosures.

However, the Broker must be sure the client got them and the Broker must be sure the Broker has a copy for their post closing archives, in case of audit.

Do you?

Thanks,

Nelson A. Locke, Esq.

Compliance Services, USA.

(800) 656-4584

nl@lockelaw.us

 

 

 

 

LEHMAN BROTHERS RE-PURCHASE LETTERS.

 

Last week we heard from five Florida clients that they had received a FedEx package from LBHI, who is the Bankruptcy Court collection arm for what used to be Lehman Brothers Mortgage, and Aurora Loans of Colorado. The demand letters ranged from $120K to the millions.

THIS IS A REAL ISSUE.

DO NOT THINK IT IS A SCAM.

If you received one of these letters, please contact our office at (800) 656-4584 or email me directly at nl@lockelaw.us

Do NOT attempt to handle this yourself.

This is a real issue and could cost you thousands more than necessary.

Respectfully,

Nelson A. Locke, Esq.

Locke Law US, LLC.

(800) 656-4584