MORTGAGE LOAN COMPLIANCE®

Mortgage Loan Compliance | Non-Bank Mortgage Lenders and FinCEN

Foreclosure and Loan Modification Scams across the country have been the topic of debate and public outrage. It is almost daily that we see stories about a Homeowner being evicted because a Rescue Scammer took all their money and provided no real assistance.

Soon those stories will have bigger headlines. However these headlines will be about the investigations or arrest of those foreclosure or modification scammers. The Financial Crimes Enforcement Network (FinCEN) is seeking public comment on a proposal to require mortgage brokers to file suspicious activity reports (SARs) with the federal agency.

FinCEN is in charge of the government's anti-money laundering efforts and it recently turned its attention to detecting loan modification scams and foreclosure rescue scams.

"FinCEN believes that new regulations requiring non-bank residential mortgage lenders and originators to adopt anti-money laundering programs and report suspicious transactions could augment FinCEN's initiatives in these areas," the agency's director James Freis said.

The agency is issuing an advance notice of proposed rulemaking for a 30-day comment period.

_________________________

Mortgage Loan Compliance

www.ml-compliance.com