Bank of America: 'We provide all required MSR documents'

Bank of America: 'We provide all required MSR documents'

Responds to Ginnie Mae MSR transfer block

17% of homes with a mortgage seriously underwater

Share of underwaters continues slow decline

Here are 5 bold mortgage predictions from KBW

Q1 mortgage volume predicted to be $20 billion lower
W S
Lending / The Ticker

Non-bank lenders face updated anti-money laundering rules

Money Trap
/ Print / Reprints /
| Share More
/ Text Size+

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
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus