|
REGULATION &
SECTION |
VIOLATION |
% OF EXAMS THE VIOLATION WAS
CITED IN 2006 |
|
Regulation B 202.13(a)(1)(i) |
Violations occurred when banks failed to obtain
monitoring information when required. They often occurred
when customers completed the wrong credit application or when
banks failed to document monitoring information by visual
observation or surname when credit applicants chose not to
complete monitoring information. |
46.8% |
|
Real Estate Settlement Procedures Act (RESPA) Regulation X
3500.8(b) |
Violations occurred when the HUD1 or HUD1A were
not completed in accordance with Appendix A to the Regulation.
Often, the problem involved either omitting the name of a third
party ultimately receiving payment for a service or not
disclosing charges paid outside of closing. |
46.8% |
|
Regulation H 208.25(c)(1) |
Violations occurred when banks did not ensure
that adequate flood insurance coverage was in place before a
loan secured by real property in a special flood hazard area was
made, extended, increased or renewed.
For more
information on insurance coverage requirements and limitations,
see the Federal Emergency Management Agency (FEMA) Mandatory
Purchase of Flood Insurance (PDF File.) |
42.6% |
|
Regulation H 208.25(f)(1) |
Problems resulted from banks failing to provide
evidence of special flood hazard determinations (SFHD),
completing the SFHD form incorrectly, or not performing SFHDs
prior to loan consummation. |
42.6% |
|
Regulation B 202.5(b) |
The violations happened when banks collected
monitoring information when prohibited. Under Regulation
B, monitoring information should only be collected on credit
applications for the purchase or refinance of a principal
dwelling. |
34.0% |
|
Regulation B 202.7(d)(1) |
When the bank required or obtained the signature
of an applicant's spouse or other person (other than a joint
applicant) without evidence of a joint application, this
provision of the Regulation was violated. |
29.8% |
|
Regulation DD 226.5(b)(1) |
Violations occurred when the bank did not provide
proper account disclosures as required in 230.4(b) for maturing
time deposits with a maturity period longer than a year.
Most problems resulted from incomplete disclosures or
disclosures not being provided timely. |
19.1% |
|
Real Estate Settlement Procedures Act (RESPA) Regulation X
3500.21(b)(1) |
These problems occurred when no MST disclosure
was given during a face-to-face application or within three days
of receipt of a written application. Other violations
occurred when the MST disclosure was inadequate. |
19.1% |
|
Regulation C 203.4(a)(10) |
Violations resulted when HMDA reporters failed to
collect or improperly reported information on applicants'
ethnicity, race, sex, or gross annual income.
For further
guidance in completing a HMDA LAR, and for a listing of codes
refer to "A Guide to HMDA Reporting: Getting it Right!" (FFIEC
Link). |
17.0% |
|
Real Estate Settlement Procedures Act (RESPA) Regulation X
3500.7(a) |
Violations occurred when banks did not provide
good faith estimates (GFEs) within three business days of
receiving an application subject to RESPA. Remember that
GFEs must be given to denied RESPA loan applicants if the
applications are not denied within three business days of the
application date. (§3500.7(b)) |
17.0% |