AC-032 Compliance Reg Z Process Change
NOTICE TO ALL CUSTOMERS
Important Compliance Regulation Z Process Change
Regulation Z was updated April 2, 2022 (TRID 2.0) to clarify that the written list of providers must correspond to the Loan Estimate (LE). The intent of the change was to ensure transparency to borrowers as they compared the service provider list to Section C of the LE. FLCBank continues to see instances where this change is not being followed therefore causing a violation of TRID.
Beginning with loans reviewed by FLCBank on December 13, 2023, a set up condition will be applied to loans that are not in compliance with the regulation. On loans where the initial disclosures are prepared by FLCBank, we will also notify the customer at the time of the Fee Enty review…