FinCEN Seeks Comments On Plan For Nonbank Lenders, Originators

nancial Crimes Enforcement Network (FinCEN) has issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of anti-money laundering program and suspicious activity report (SAR) regulations to nonbank residential mortgage lenders and originators. ‘As primary providers of mortgage finance who generally deal directly with consumers, these lenders and originators are in a unique position to assess and identify money laundering risks and possible mortgage fraud, while directly assisting consumers with their financial needs and protecting them from the abuses of financial crime,’ said FinCEN Director James H. Freis Jr. in a media statement. In FinCEN's recently issued mortgage fraud reports, SAR analysis showed nonbank mortgage lenders and originators initiated many of the mortgages that were associated with SAR filings. Freis stated that public input via the ANPRM can help policy-makers construct the appropriate regulatory regime for nonbanks. ‘These financial professionals are ideally positioned to contribute to the promotion of safety and integrity in the U.S. mortgage marketplace,’ he said. SOURCE:


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