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  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

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Non-bank lenders face updated anti-money laundering rules

Money Trap

As a quick reminder, the Department of the Treasury’s Financial Crimes Enforcement Network finalized and implemented a rule in 2012, which defines non-bank residential mortgage lenders and originators as loan and finance companies. The designation requires these firms to establish anti-money laundering programs.

As a result, the firms should undergo an audit that will test it for compliance with relevant regulatory requirements. Per Rob Chrisman’s report:  

The scope and frequency of the testing is commensurate with the risks posed by the company’s products and services, though most firms elect to be audited annually. An officer or employee may conduct the audit if he or she is independent from the firm’s compliance department; otherwise a competent third party must conduct the audit.

Source: Chrisman Report
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