Key Takeaways
- Pre-examination self-assessments reduce examination findings by 40-60%.
- State examinations typically review 20-30 loan files and cover licensing, disclosures, advertising, complaints, and financial condition.
- Corrective action plans must include root cause analysis, specific corrective actions with dates, and systemic changes to prevent recurrence.
- A well-executed examination response builds regulatory credibility; denial or delay triggers escalation.
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Test Your Knowledge
1.What is the first step a lending company should take when notified of a regulatory examination?
2.What is a Consent Order in regulatory enforcement?
3.What action typically reduces the severity of examination findings?