Banker's Compliance Consulting Blog

The Subject Matter Experts

Written by David Dickinson | Oct 30, 2024 2:38:23 PM

October’s Monthly Connection (MC) was all treat and no tricks. As a compliance professional you are expected to be a subject matter expert about all things compliance and while you may know a lot, none of us know it all. Being able to ask our experts and other compliance professionals is as comforting as a pumpkin spice latte in the fall.

The MC started with Jerod Moyer updating the group on 1071 testing. Jerod talked about the advantages and disadvantages of testing now versus later. He also gave an overview of Artificial Intelligence (AI) which is another hot topic due to the associated risk. Jerod noted that when asked, many bankers say they do not use AI in their bank; however, after some reflection that usually changes to a yes or at least it’s possible. The last topic was the CFPB’s guidance on Regulation E Opt-Ins and what’s considered acceptable “proof” from your customers.

Then the real fun began with Member questions. From loan payment receipts to fees for processing mortgage payments and TRID waiting period and tolerances, we had some good ones. Listen to Emily’s answer to the following question:

A CD was issued on a 5/1 ARM and the borrower now wants a 3/1 ARM. Does this change the 3-day waiting period and does it allow a reset in closing tolerances?

 

Lastly Emily provided tips that can help you sail through your next exam or external audit. Often times, file organization leads to poor communication and documentation and causes hang ups when documents can’t be located easily. Listen to what Emily had to say:

 

The MC ended with discussing what to do with your exam reports so you can improve your Compliance Management System.

If you are not currently a member, check out the Monthly Connection today!

Published
2024/10/30