Compliance

Quest Advisors helps clients remain compliant with state and federal regulatory requirements, including compliance with the Consumer Financial Protection Bureau’s (CFPB) Fair Lending and Consumer Protection regulatory requirements.

By outsourcing your ongoing regulatory compliance audit needs to Quest Advisors, you receive a thorough and timely perspective on the quality of your regulatory compliance allowing you to focus your resources and attention where they belong – on increasing production and profit.

Quest Advisors’ post-closing mortgage quality control reviews determine whether required regulatory disclosures are in the loan file, were issued in the required timeframe, and are reasonably accurate. The client has the option to include the audit of federal-only regulatory compliance requirements or both federal and state regulatory compliance requirements for their post-closing QC reviews. Quest Advisors also offers loan file reviews that is not a full credit package type of post-closing loan file QC audit, but only focuses on Regulatory Compliance Quality Control (RCQC) reviews, with or without state regulatory compliance being included.

Our Regulatory Compliance Quality Control Program can be tailored to fit your needs and level of review, with audits on a monthly or quarterly sample of loan files.

  • Federal Regulatory Compliance

    Quest Advisors reviews the loan file for the inclusion and timely issuance of required Federal regulatory disclosures covering, but not limited to:

    • RESPA
    • ECOA
    • FCRA
    • TILA
    • Right of Rescission
    • Privacy Acts
    • USA Patriot Act
    • HMDA Monitoring Information on the 1003

    Testing for triggers and comparative analysis of finance charges are an added service provided by Quest Advisors, that help to keep institutions in compliance in order to reduce the cost of penalties and fees reimbursement. Quest Advisors conducts tests for the following compliance and regulatory requirements:

    • TIL compliance of finance charges and APR calculation –Reg Z
    • Section 32 and 35 (HOEPA High Cost Mortgage) triggers
    • State Hi-Cost trigger tests
    • GFE vs. HUD-1 cost tolerance violations

    Reviews and assessments performed by Quest advisors of loans withdrawn or denied can help clients decipher fair lending red flags that need corrective action in order to meet CFPB expectations.

  • State Regulatory Compliance

    For brokers and lenders who are subject to state regulation, Quest Advisors provides reviews of the loan file for the inclusion and timely issuance of required state regulatory disclosures. Dependent on the specific reviews the client may desire, other review and analyses available include Hi-Cost trigger tests the existence of required predatory or Hi-Cost disclosures, the lack of impermissible fees, and the review of the final HUD-1 for potential tolerance violations.

    These reviews validate that fees charged are consistent with the required disclosure requirements of the specific state involved.