Post-Closing Compliance Audit Checklist
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Ensure Correct Reporting with Audit Checklists
We have noticed a lot of brokers and smaller lenders getting cited for incorrect reporting - either on the NMLS Call Reports or Financial Condition/Statements. Often this is due to the "Garbage in-Garbage Out" data entry process. To alleviate this, ensure you are using the post-closing financial audit checklist, and capture the box that states the reviewer HAS updated the LOS and Financial Accounting Software.
You can download a sample form for this use, or click here
Make sure, whatever form you use, that you are updating your database upon closing or cancellation. Most audit findings can be cured by having an appropriate system to avoid repeating findings. This goes to our repeated admonition that it's okay to have policies as long as you have a procedure to back them up.
Please Don't Act As Lender if Broker
Another finding we see is brokers providing policies and procedures or other documentations where the word "lending or lender" appears in their procedures. This may result in a citation if the broker does not have a lending license.
Thomas Morgan
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We are seeing a lot of demand for new loan officer training. This is the 2016 version of our product.
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MortgageManuals.com
Mortgage Management Systems
1 Research Court, Suite 450
Rockville, MD 20850
(877) 918-7246 (91-TRAIN)
(888) 209-7916 fax
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This contains important update information regarding products you have purchased
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