Mortgage Companies and Brokers

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REMINDER: As of April 1, 2013, financial institutions must use the new FinCEN reports, which are available only electronically through the BSA E-Filing System. FinCEN is no longer accepting legacy reports. For more information, click here.

Overview

          The BSA defines the term "financial institution" to include, in part, a loan or finance company. The term, however, can reasonably be construed to extend to any business entity that makes loans to or finances purchases on behalf of consumers and businesses. Non-bank residential mortgage lenders and originators, generally known as "mortgage companies" and "mortgage brokers" in the residential mortgage business sector, are a significant subset of the "loan or finance company" category.
          FinCEN is issuing AML program and SAR filing regulations for residential mortgage lenders and originators as the first step in an incremental approach to implementation of regulations for the broad loan or finance company category of financial institutions. Thus, the definition of "loan or finance company" initially includes only these businesses, but is structured to permit the addition of other types of loan and finance related businesses and professions in future amendments.
          Since 2006, FinCEN has issued numerous studies analyzing SARs reporting suspected mortgage fraud and money laundering that involved both banks and residential mortgage lenders and originators. The reports underscore the potential benefits of AML and SAR regulations for a variety of businesses in the primary and secondary residential mortgage markets. Residential mortgage lenders and originators are primary providers of mortgage finance - in most cases dealing directly with the consumer - and are in a unique position to assess and identify money laundering risks and fraud. Though not included in the definition of loan and finance companies, FinCEN has also proposed AML and SAR reporting rules for housing GSEs.

Important Information for Mortgage Companies and Brokers

• FinCEN Reminds Financial Institutions to Adopt New Report Format by April 1, 2013 (03/07/2013) HTML | PDF
• Informational Webinar: Health Care Fraud (01/31/2013) HTML | PDF
• Summary of Roundtable Meeting: ANPRM on Customer Due Diligence in Los Angeles on 10/29/12 (12/03/12) HTML | PDF
• Summary of Roundtable Meeting: ANPRM on Customer Due Diligence in New York on 10/5/12 (12/03/12) HTML | PDF
• Summary of Roundtable Meeting: ANPRM on Customer Due Diligence in Chicago on 9/28/12 (12/03/12) HTML | PDF
• FinCEN Announces a Roundtable Discussion regarding the Advance Notice of Proposed Rulemaking on Customer Due Diligence Requirements for Financial Institutions (11/09/12) HTML | PDF
• FinCEN Announces a Roundtable Discussion regarding the Advance Notice of Proposed Rulemaking on Customer Due Diligence Requirements for Financial Institutions (10/05/2012) HTML | PDF
• Informational Webinar on the new FinCEN CTR and DOEP (10/05/2012) HTML | PDF
• Informational Webinar on the new FinCEN SAR (09/28/2012) HTML | PDF
• Recording of FinCEN’s Webinar on the Updated BSA E-Filing Technical Specifications for FinCEN’s New SAR, CTR, and DOEP (05/8/2012)
       •Slides from FinCEN’s Webinar on the Updated BSA E-Filing Technical Specifications for FinCEN’s New SAR, CTR, and DOEP PDF
• FinCEN Announces a Roundtable Discussion regarding the Advance Notice of Proposed Rulemaking on Customer Due Diligence Requirements for Financial Institutions (09/21/2012)HTML | PDF
• Ruling (FIN-2012-R006) - Administrative Ruling Regarding the Participation of Associations of Financial Institutions in the 314(b) Program (09/17/12) HTML | PDF
• FinCEN Announces a Roundtable Discussion regarding the Advance Notice of Proposed Rulemaking on Customer Due Diligence Requirements for Financial Institutions (09/17/2012)HTML | PDF
• FinCEN Announces the Presentation of the Informational Webinar: The BSA E-Filing Process and Filing Instructions for FinCEN's New Suspicious Activity Report (SAR)HTML | PDF
• FinCEN Announces the Presentation of the Informational Webinar: The BSA E-Filing Process and Filing Instructions for FinCEN's New Currency Transaction Report (CTR) and Designation of Exempt Person (DOEP) report HTML | PDF
• Prepared Remarks of FinCEN Director James H. Freis, Jr. delivered at the American Association of Residential Mortgage Regulators 23rd Annual Regulatory Conference (08/16/2012) HTML | PDF
• Advisory (FIN-2012-A009) - Suspicious Activity Related to Mortgage Loan Fraud (08/16/2012) HTML | PDF
• Important Notice to Non-Bank Residential Mortgage Lenders and Originators (08/13/2012) HTML | PDF
• Ruling (FIN-2012-R005) - Compliance Obligations of Certain Loan or Finance Company Subsidiaries of Federally Regulated Banks and other Financial Institutions (08/13/12) HTML | PDF
• Information Regarding FinCEN's July 31st Public Hearing on its ANPRM on Customer Due Diligence Requirements for Financial Institutions (07/31/2012) HTML | PDF
• Important Notice for Financial Institutions: FinCEN E-Filing Transition Period (07/17/12) HTML | PDF
• FinCEN Announces July 31st Public Hearing on its ANPRM on Customer Due Diligence Requirements for Financial Institutions (07/09/2012) HTML | PDF
• Customer Due Diligence Requirements for Financial Institutions; Extension of Comment Period (05/04/2012) PDF Only
• Important Notice about Mandatory Electronic Filing of Reports to FinCEN (02/21/2012) HTML | PDF
• FinCEN Releases Test Site for the New CTR and SAR (02/17/2012) HTML | PDF
• Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mortgage Lenders and Originators
  Final Rule - February 7, 2012
• Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mortgage Lenders and Originators
  Notice of Proposed Rulemaking and Request for Comments - December 09, 2010
• Anti-Money Laundering Program and Suspicious Activity Report Requirements for Non-Bank Residential Mortgage Lenders and Originators
  Advance Notice of Proposed Rulemaking and Request for Comments - July 21, 2009
• FinCEN Proposes Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Housing Government Sponsored Enterprises
  Notice of Proposal Rulemaking and Request for Comments - November 03, 2011
• Mortgage and Real Estate Fraud
• Prepared Remarks of FinCEN Director James H. Freis, Jr. delivered at the Mortgage Bankers Association's National Fraud Issues Conference (03/28/2011) HTML | PDF
• Prepared Remarks of FinCEN Director James H. Freis, Jr. before the Cambridge International Symposium on Economic Crime (08/31/2009) HTML | PDF

News for Mortgage Companies and Brokers

• FinCEN Announces the Presentation of the Informational Webinar: The BSA E-Filing Process and Filing Instructions for FinCEN’s New Suspicious Activity Report (SAR) (09/11/2012) HTML | PDF
• FinCEN Announces the Presentation of the Informational Webinar: The BSA E-Filing Process and Filing Instructions for FinCEN’s New Currency Transaction Report (CTR) and Designation of Exempt Person (DOEP) report (09/11/2012) HTML | PDF
• FinCEN Reminds Mortgage Companies and Brokers of New Regulatory Requirements (08/16/2012) HTML | PDF
• FinCEN Marks the End of Paper SARs and CTRs (06/29/2012) HTML | PDF
• FinCEN to Receive Currency Reports from Clerks of Court (06/04/2012) HTML | PDF


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