According to the most recent data, the most common compliance violations are in the following areas:
- Equal Credit Opportunity Act/ Regulation B’s requirement for joint signatures and incomplete or missing adverse action notices;
- RESPA/Regulation X ‘s tolerance requirements for settlements costs disclosures in the Good Faith Estimate;
- National Flood Insurance Act/ Part 760 of the NCUA Rules and Regulations’ requirement concerning forced-placed insurance;
- HMDA/Regulation C’s requirements for reporting the loan rate spread, loan purpose and the action taken for reportable loans;
- Truth in Lending Act/ Regulation Z’s table-format requirements for certain account-opening disclosures for open-end credit (not real estate secured); and
- Insufficient documentation of and/or content for the required Bank Secrecy Act/Anti-Money Laundering training.
AffirmX’s Compliance Solution reviews each of these areas during our standard compliance review.