Hi all,Reg Z was ammended with compliance effective 4-1-11. Part of it states under "Presumption of Compliance" that the creditor shall compensate a fee that is customery and reasonable comparable appraisal services performed in the geographic market of the property"...how do you determine what is comparable in the markets? I have a list of fee's charged by our appraisers but how do I determine that they compare to others and are reasonable? Any help would be appreciated.thanks,
I need to know what to look for in an internal auditor we are thinking of hiring and want to know the best way. I know they will have to report to the supervisory Committee any suggustions?
I'm looking for some input from all of you regarding how your CU handles daily report reviews.Does the internal audit review all such reports (such as member and loan file maintenance, variable rate loan changes, new loan reports, HELOC payment change reports, etc.), or do the applicable departments review daily? We are just establishing our internal audit department, so I'm looking for input from others.
For those credit unions that have multiple branches, how often do you perform a cash audit of the vault? Until recently, all our branches were local and it wasn't an issue. Now we have acquired one branch over two hours away and are possibly looking at other state-wide branches. How are the cash audits handled in credit unions like this? Frequency and who performs the audit is my initial focus, howerver, if there are things to consider I may not be aware of since this is new for us, please feel free to let me know.Thanks for all your help!
Is anyone willing to share their Internal Control Questionnaire for Loan Officers and New Account Representatives? I am revising ours and am very interested in seeing the type of questions other credit union's ask. If you are willing to share my email address is: bkennedy@mymax.com
I was curious at what level loan modifications are approved within your CU? Is it approved by the head of collections or lending if these departments are separated? If it is collections, how is this person granted the authority to approve these modifications? Also would be helpful information is asset size. Thank you!
Is anyone aware of any required annual training for lending other than Security, Red Flag and compliance changes? What do you as auditors look for when verifying regulation training in the lending department?
Our RE manager tells us that it is standard practice to leave a blank deed of trust in loan files "just in case" the loan later is sold on the secondary market. We told her we consider this a risk as leaving any blank form in a loan file is a risk. I wanted to check and see if leaving a blank deed of trust in an RE loan file is standard procedure at other credit unions (I've personally never heard of this). Thanks!
Hello,The link provided through the brochure for the hotel using the special rate is not working for me. Is anyone else having that problem? What is the group code?Thanks,Samantha CornellBayPort CU
Does anyone have a good ICQ or Audit Program for Call Center Operations?
