MetaSource Mortgage Blog

MCA Monthly Compliance Update – September 2012

Friday, September 21, 2012

Welcome to our monthly mortgage compliance quality control (QC) update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

Industry Highlights

Only a month ago, FinCEN required non-bank residential mortgage lenders and originators to establish an Anti-Money Laundering (AML) program. For detailed information on how you can still comply, contact us to learn more about our webinar on the AML requirement.

Compliance Updates

  • Sept. 13 – Freddie Mac ensures its mortgages are originated in accordance with underwriting standards.
  • Sept. 13 – HUD adopts new HECM platform, HERMIT, to improve HECM monitoring and tracking.
  • Sept. 13 – Fannie Mae introduces new framework for conventional loans only.
  • Sept. 10 – Fannie Mae updates servicing policy requirements.
  • Aug. 30 – Department of Veterans Affairs (VA) implements new update on Service Members Civil Relief Act.


August 13, 2012

FinCEN: Anti-Money Laundering (AML) Policy

Although this deadline has passed, it is vitally important that your firm have an AML Policy in place.

The Financial Crimes Enforcement Network (FinCEN) finalized regulations requiring non-bank residential mortgage lenders and originators to establish anti-money laundering programs (AML), and file Suspicious Activity Reports (SARS) which they had previously only required of all banking institutions. The AML requirement became effective on April 16, 2012 and the AML program effective date for non-bank compliance is August 13, 2012.

For additional information about this requirement or MCA’s AML policy, please view information here.


September 17-18, 2012
MISMO Fall 2012 Educational Summit Track
Arlington, VA

September 17-21, 2012
MISMO Fall 2012 Educational Summit & Workshop
Arlington, VA

September 30 – October 2, 2012
Regulatory Compliance Conference
Washington, DC


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