SCP Newsroom

14 Must-Haves for Your Audit

SCP’s Audit Checklist will ensure that your company is prepared should you receive notice. Here are the 14 must-haves for your audit. Compliance policies Copies of all advertising and marketing materials List of all websites and social media accounts Lender Agreements LO Comp Agreements Report of annual compliance training Complaint Log Internal audit reports (aka…

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7 Common Violations Broker Owners Make

Examiners find the most violations from broker owners in these 7 areas: Advertising Recordkeeping Disclosures – especially Broker Privacy Notice BSA/AML Officer and Independent Review Annual compliance training Failure to maintain adequate bond coverage Failure to file MCR and state reports timely

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10 Steps to Create an Audit-Ready Brokerage

Step 1 Know federal AND state laws and regulations Step 2 Build a compliance management program and culture of compliance Step 3 Complete required compliance training (e.g, AML, Fair Lending, Info Sec, Red Flags) Step 4 Create and issue broker mini-disclosure packages Step 5 Implement recordkeeping requirements e.g., advertisements, loan files, complaints, training Step 6…

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What to Do Upon Receiving an Engagement Letter

8 Steps to Prepare for an Audit Step 1 Enlist SCP’s support or a person with audit experience Step 2 Select an internal point of contact that best represents your company Step 3 Respond promptly – ask for an extension or provide all requests by the due date Step 4 Be consistent! What info have…

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New Jersey

New Jersey DOBI Annual Reports All licensees are required to file an annual report to the Department of Banking and Insurance. Licensees are required to file an annual report after each calendar year in which they were licensed. Because you were licensed in 2021, you are required to file an annual report in 2022 even if you…

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South Carolina

South Carolina law requires all licensed mortgage brokers and mortgage lenders/servicers to file a mortgage log each year directly with the South Carolina Department of Consumer Affairs. This log is separate from the mortgage call report filed with the Nationwide Multistate Licensing System & Registry (“NMLS”). All licensed mortgage brokers must file regardless of the…

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California

Compliance Update for Cali Brokers licensed by DFPI! See below for a reminder to all DFPI licensee’s- annual reports are due by March 15th. “All DFPI California Financing Law (CFL) licensees are required to submit an annual report on or before March 15, 2022, even if the licensee had no business activity in the calendar…

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Pennsylvania

The passage of House Bill 1588 will now permit loan originators working for nonbank lenders the opportunity to conduct business from remote offices, including private homes, which meet security and consumer-protection standards. The new law also removes a prior stipulation that mandated originators to live within 100 miles from the nearest licensed branch. Read more…

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