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Examination Procedures eic note: Each state must provide a response to the following questions. The Eic may compile individual responses into a single response


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MMC Fair Housing Act Exam Procedures:




Examination Procedures

Yes

No

Examiner Notes [Document supporting evidence and note determinations and findings made.]

1

Coordinate compliance examination activities with other members of the examination team and the examiner-in-charge (EIC). Emphasize identifying violations of law and regulation; integrate those findings with the examination; and conclude on management's compliance with laws and regulations.










2

Review and evaluate the adequacy of policies, procedures, and internal controls to ensure the identification of applicable applicants and compliance with the requirements of the FHAct [Fair Housing Act].









3

Through observation and interviews with management, determine whether it appears the institution's lending practices, especially those relative to residential lending, are discriminatory.










4

Determine whether the institution is redlining (i.e., the practice of denying loans for housing in certain neighborhoods even though the individual applicant may be eligible for credit). (Remember that redlining is not unlawful when based on economic reasons such as whether an area lies on a fault line or in a flood plain.)










5

Ascertain whether the institution has adequate policies, procedures, and internal controls in place to provide reasonable assurance of compliance with the nondiscriminatory regulations. Also, determine whether the policies are reviewed and updated periodically.










6

Determine whether the institution prominently displays the Equal Housing Lender Poster in the lobby of each of its offices. Also, ascertain whether the size and text of the poster conform to the requirements of FCA Regulation 12 CFR § 613.3170.










7

Determine whether the institution advertises the availability of rural residence loans. If so, determine whether advertisements include a facsimile of the Equal Housing Lender logotype and legend. Also, determine whether the advertisements are void of any words, phrases, symbols, directions, forms, or models that would express, imply, or suggest a discriminatory preference or policy of exclusion.










8

Determine whether the institution rejected any loan applications. If so, ascertain whether those rejections were based solely on economic factors.










9

Determine whether any complaints have been filed against the institution alleging discriminatory practices or acts. If so, ascertain their disposition.










10

Conclude whether the institution is adequately complying with these nondiscriminatory regulations. If not, ascertain whether the conclusion of noncompliance is supported by adequate documentation of the specific noncompliance.










11

Utilize discussions with managers as needed to gather information and discuss procedures and practices followed by institution personnel to ensure compliance with laws and regulations.










12

Discuss items of concern, scope of work performed, and conclusions with the EIC










13

Organize and compile, if necessary, violations of law and regulation into a Violation Summary Sheet.















MMC HUD Regulation X - Real Estate Settlement Procedures Act Exam Procedures




Examination Procedures

Yes

No

Examiner Notes [Document supporting evidence and note determinations and findings made.]

1

Coordinate compliance examination activities with other members of the examination team and the examiner-in-charge (EIC). Emphasize identifying violations of law and regulation; integrate those findings with the examination; and conclude on management's compliance with law and regulations.










2

Review and evaluate the adequacy of policies, procedures, and internal controls to ensure the identification of applicable applicants and compliance with the requirements of RESPA.









3

Determine whether the institution provides an applicant with a copy of the Booklet within 3 business days after receiving a written application for a federally related mortgage loan.










4

Ascertain whether the institution provides an applicant with a Good Faith Estimate of settlement costs within three business days following the written application.










5

Determine whether Good Faith Estimates provided to applicants bear a reasonable relationship to the charges the applicant will likely be required to pay or the applicant has incurred at settlement.










6

Where the institution requires that a particular individual, firm, or company be used to provide legal services, title examination services, or title insurance, or to conduct settlement, and requires the borrower to pay for any portion of the cost of such services, determine whether the Good Faith Estimates:
a. Clearly indicate which estimated charge is to be provided by each designated provider;

b. State the name, address, and telephone number of each designated provider and the fact the institution's estimate for the services is based upon the charges of the designated provider and



c. State whether each designated provider has a business relationship with the institution.










7

Ascertain whether the person conducting settlement also prepares the HUD-1 or HUD-1A settlement statement.










8

Determine whether the institution permits the borrower, upon request, to inspect the HUD-1 or HUD-1A settlement statement one business day prior to the day of settlement.










9

Determine whether the institution prepares the HUD-1 or HUD-1A settlement statement in accordance with Appendix A of the regulation.










10

Unless waived or exempt, determine whether the HUD-1 or HUD-1A was delivered or mailed to the borrower and seller or their agents at or before settlement.










11

Determine whether the institution retains a copy of the HUD-1 or HUD-1A settlement statement for 5 years from the date of settlement.










12

Determine whether the institution refrains from charging a fee for the preparation and distribution of the HUD-1 or HUD-1A settlement statement or documents required under the Truth in Lending Act.










13

Determine whether the institution provides applicants information about the likelihood that their mortgage servicing will be transferred.










14

Determine whether the institution notifies borrowers in writing not less than 15 days before a mortgage servicing transfer becomes effective.










15


Determine whether the institution is aware of and in compliance with the prohibitions against kickbacks and unearned fees.










16

If the institution owns the property being sold, ascertain whether it requires title insurance or gives the impression that title insurance is required from a particular company.










17

Conclude whether the institution is adequately complying with RESPA. If not, ascertain whether the conclusion of noncompliance is supported by adequate documentation of the specific noncompliance.










18

Utilize discussions with institution managers as needed to gather information and discuss procedures and practices followed by institution’s personnel to ensure compliance with law and regulations.










19

Discuss items of concern, scope of work performed, and conclusions with the EIC.










20

Organize and compile, if necessary, violations of law and regulation into a Violation Summary Sheet.















MMC USA Patriot Act of 2001Exam Procedures




Examination Procedures

Yes

No

Examiner Notes [Document supporting evidence and note determinations and findings made.]

1

Coordinate compliance examination activities with other members of the examination team and the examiner-in-charge (EIC). Emphasize identifying violations of law and regulation; integrate those findings with the examination; and draw conclusions on management's compliance with laws and regulations.










2

Review and evaluate the adequacy of policies, procedures, and internal controls to ensure the identification of applicable applicants and compliance with the requirements of the USAPA.









3

Determine if the institution has implemented a written risk-based CIP that includes four minimum requirements:

  1. Identity verification procedures,

  2. Properly document the identity verification,

  3. Provide notice to the customer, and

  4. Compare verified identities with government lists.










4

Assess application of CIP.










5

Utilize discussions with institution managers as needed to gather information and discuss procedures and practices followed by institution’s personnel to ensure compliance with laws and regulations.










6

Discuss items of concern, scope of work performed, and conclusions with the EIC.










7

Organize and compile, if necessary, violations of law and regulation into a Violation Summary Sheet.














MMC Net Branching Examination Procedures




Examinations Procedures

Yes

No

Examiner Notes [Document supporting evidence and note determinations and findings made.]

1

Does the institution have an employment relationship with all individuals that work on loans made to applicable state residents whether as loan officers or processors? If YES, obtain an example of employment Agreement(s).










2

Is loan officer compensation reported on IRS Form W-2 rather than IRS Form 1099-MISC?










3

Does institution permit any compensation to be reported on IRS Form 1099-MISC? If YES, obtain details and copies of the previous three years 1099-MISC.










4

Does institution have full responsibility for all leases for branch offices?










5

Does institution have full responsibility for all equipment in the offices, including but not limited to, ownership or leasehold interest in computers, copiers, telephones, and furniture?










6

Does institution have full responsibility for all utilities (water, electric, gas, phone, internet) provided to the branch office?










7

Does institution have agreements, written or oral, with branch managers stating that they are responsible, either directly or indirectly, for expenses of the branch office? If YES, obtain details and copies of applicable documentation.










8

Are all branch expenses paid from a checking account maintained by the corporate office?










9

Does institution have systems in place to prevent the solicitation of loans secured by the applicable state’s residential property by individuals not licensed as a loan officer in that state?










10

Does institution have systems in place to prevent the origination of loans secured by the applicable state’s residential property by individuals not licensed as a loan officer in that state and officially associated with them in the Nationwide Mortgage Licensing System?










11

Does the company advertise the company as a “net branch” to prospective branch managers? If YES, obtain copies of advertisements.










12

Does the company pay for all advertising that references the name of the company?










13

Does the company allow individuals to originate loans from a residential location? If YES, obtain details of controls in place to monitor loan production of such individuals.










14

Does the company allow branch managers or other individuals to have contractual relationships in their own name, rather than in the name of the company? If YES, provide details and copies of applicable documentation.










15

Does the company have controls and procedures in place to ensure that their employees follow the corporate standards for loan origination? If YES, obtain policies and audit procedures in place ensuring that branches are operated in a consistent manner and that loans made are in compliance with applicable state law.









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