A money services business (MSB) and small dollar lender requested an audit of their compliance management system (CMS) and consumer lending practices including loan origination, payment processing & servicing, returned item processing, and credit bureau reporting. The objective was to assess the effectiveness, accuracy, and timeliness of the client’s compliance controls and processes and to… Read more »
Anti-Money Laundering (AML) Audit
A money services business (MSB) and small dollar lender requested an independent audit of its anti-money laundering (AML) compliance program. The engagement was based on regulatory guidance and the relevant requirements of the Federal Financial Institutions Examination Council (FFIEC) Examination Procedures. We assessed the AML Program commensurate with the company’s risk profile and focused the… Read more »
Mortgage Electronic Registration Systems, Inc. (MERS®) System to System Reconciliation
Mortgage servicers are required to reconcile its System of Record to the MERS® System data monthly or quarterly if servicing fewer than 1,000 mortgage identification number (“MIN”) records. CrossCheck completes this reconciliation quickly and seamlessly ensuring all the required data elements including “required and conditionally required fields” are reconciled to the MERS® system. Once the… Read more »
California Department of Financial Protection and Innovation (DFPI, formerly DBO) Per Diem Interest Audit
Assisted a large mortgage lender defend allegations by the Department of Business Oversight that it had not properly computed per diem interest on California loan closings. The lender engaged CrossCheck to perform an audit of a sample of loans selected by the DBO and recompute the per diem interest. Our findings and insights helped the lender favorably… Read more »
Truth in Lending and RESPA Integrated Disclosure (TRID) Compliance Monitoring
With all the challenges and nuances of the new Know Before You Owe (TRID) rules, management requested CrossCheck perform quarterly monitoring of its compliance with the TRID requirements. We established a quarterly process to select and review a sample of the bank’s new loan production, stratifying the sample for higher risk issues and out of… Read more »
Mortgage Electronic Registration Systems, Inc. (MERS®) Independent Audit
Institutions with more than 1,000 mortgage loans registered with MERS® are required to have an independent third party monitor their process for obtaining, retaining, reconciling, and submitting mortgage registration data against their MERS® quality assurance plans. We have performed this role for a number of servicers, providing both the servicer and MERS® with an unbiased evaluation of… Read more »
Audit Co-Source
Continued growth and increased regulatory scrutiny prompted a client to have CrossCheck assist them with the implementation of an internal audit function. After developing an audit charter, performing an audit risk assessment, and providing a multi-year internal audit plan, we assigned experienced internal audit consultants to complete the audit plan. The goal of an internal… Read more »
Anti-Money Laundering/Countering the Financing of Terrorism
CrossCheck performs Anti-Money Laundering/Countering the Financing of Terrorism independent audits for the various client segments it serves. Our approach is based on the examination guidelines published by the Federal Financial Institutions Examination Council (FFIEC) and FinCEN requirements. An independent audit provides management with an unbiased assessment of compliance with the anti-money laundering requirements and raises… Read more »
Internal Audit Plan Development and Risk Assessment
Continued growth and increased regulatory and investor scrutiny have prompted a number of mid-size, private non-depository mortgage servicers, originators, and fintech companies to implement an internal audit function. CrossCheck deploys experienced and certified internal auditors to assist with development of an internal audit plan including a risk assessment, audit schedule, and management and board reporting.… Read more »
Mortgage Operations Audit
The client requested CrossCheck perform an assessment of its mortgage and home equity operations. The scope and objective of this review included an assessment of compliance with applicable consumer and safety and soundness regulations, evaluation of internal controls, determination of adherence to and effectiveness of the bank’s policies and procedures, and comparison to industry standards… Read more »
