Representative Engagements

Due Diligence Review of Residential Mortgage Loans

We were engaged by a regional bank to review a sample of loans from three proposed separate bulk whole loan purchases. The bank requested we determine whether the portfolios which were predominately conventional and jumbo loans, were originated in compliance with regulatory requirements.  All disclosures required by Regulation Z- Truth-in-Lending and Regulation X – Real Estate Settlement Act, including TRID as well as other compliance requirements such as flood insurance, Private Mortgage Insurance and Higher Priced Mortgages were included. The full review included examination of over 200 regulatory compliance questions per loan file as well as state disclosures for the 34 states within our sample. The weighted average maturity of the loans ranged from 3 months to 24 months. At the conclusion of the review, CrossCheck provided the bank with a summary of findings identifying high, medium and low risks for each loan so the bank could assess acceptable risk levels for each of the bulk whole loans considered for purchase.

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Client Type

Regional Bank ($10-$50B in assets)

Service Type

Independent Compliance Review