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.
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.
- Sept. 13 – Freddie Mac ensures its mortgages are originated in accordance with underwriting standards. FreddieMac.com
- Sept. 13 – HUD adopts new HECM platform, HERMIT, to improve HECM monitoring and tracking. HUD.gov
- Sept. 13 – Fannie Mae introduces new framework for conventional loans only. eFannieMae.com
- Sept. 10 – Fannie Mae updates servicing policy requirements. eFannieMae.com
- Aug. 30 – Department of Veterans Affairs (VA) implements new update on Service Members Civil Relief Act. VA.gov
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
September 17-21, 2012
MISMO Fall 2012 Educational Summit & Workshop
September 30 – October 2, 2012
Regulatory Compliance Conference