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The MCR Program automates and standardizes the document review process, presenting a series of questions for each document being examined, and tailoring those questions to the specific loan file under review. For instance, if the loan file under review is for an original home purchase, compliance with regulations pertaining to refinance transactions is not evaluated.
It conducts calculations automatically to detect overcharges and unjustifiable fees, checks the timeliness of disclosures, calculates P&I payment for easy reference and comparison as needed, and even determines HOEPA status automatically. If it is a HOEPA loan additional questions are asked to evaluate regulatory compliance.
It also includes the APRWIN program, an Annual Percentage Rate Calculation Program provided by the U.S. Department of the Treasury, Office of the Comptroller of the Currency, to verify the accuracy of the reported APR.
MCR Reports provide records of each loan file reviewed, and Findings Reports tell you exactly what regulations have been violated.
The built in "Guide" provides you with the same guidance the State Examiners have, so you'll have the information necessary to correct any areas of non-compliance.
No more guesswork- you will know if you're in compliance with those laws and regulations for which State Examiners evaluate compliance. We suggest using the MCR Program to review every loan file, but monthly document reviews of a representative sample of loan files should provide an accurate view of your company's level of compliance.
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