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Financial risk
is compounded by headline risk when it comes to mistakes in matters of
regulatory compliance for our highly visible clients.
"They did what a man with a
gun in a dark alley couldn't do. They stole my house."
-- Victim of predatory lender in Senate testimony, 3/98
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Compliance Reviews
Regulatory compliance
is a critical and ever-changing segment of business for our clients.
Financial risk is compounded by headline risk when it comes to mistakes
in matters of regulatory compliance. For our highly visible clients ,
we continually track legal developments and enforcement
trends, and our system is constantly updated. BRAIN® enables
us to capture the necessary data, and identify issues regarding
the latest compliance or regulatory guidelines. In addition to testing
all federal consumer protection mandates, the BRAIN® database
includes specific information regarding loan origination at various
state, county and municipal levels.
The result is that Bohan Group’s
full scope reviews are extremely flexible and can be tailored or
reduced to meet the needs of any lender or investor. If needed,
a detailed review can be performed to comply with RESPA and TILA
mandates and procedures (including Section 32). Compliance reviews
can be conducted alone or in conjunction with legal documentation
reviews and underwriting reverifications.
Bohan Group’s compliance
analysis typically includes a comprehensive review of the following:
- FINAL TRUTH-IN-LENDING DISCLOSURE
- 3 DAY RIGHT OF RESCISSION
- HUD-1
- HOEPA/SECTION 32 COMPLIANCE
- STATE STATUTES AND PREDATORY LENDING DISCLOSURE REQUIREMENTS
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