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Fred Kreger Blog Articles
- CFPB To Collect Information on Compliance Costs
- Choosing the Right Executor
- Once Common Loan Products Not So Common in Southern California
- Weekend Mortgage Commentary – May 18, 2012
- FHFA Regulator balks at California foreclosure fixes
- NMLS Update: Data Center Migration and Connectivity
- New York Times: Needy States Use Housing Aid Cash to Plug Budgets
- New York Times: Needy States Use Housing Aid Cash to Plug Budgets
- FHFA Unveils Changes to Reform Plan for Secondary Market
- Ally CEO: No more mortgages
- The Credit Union Difference from Fred Kreger Fred Arnold
- Obama Administration Pushes for New Refinance Expansions
- Weekend Mortgage Commentary – May 7, 2012
- Call to Action: CFPB Flat Fee Proposal
- CONSUMER FINANCIAL PROTECTION BUREAU CONSIDERS RULES TO SIMPLIFY MORTGAGE POINTS AND FEES
- Higher Standards in Today’s Mortgage Lending World with Fred Kreger Fred Arnold
- Real Estate Season Heats Up Just In Time For Summer: What’s Driving the Hot Market?
- HUD Secretary Donovan: Servicer Competition Prevents More Refinancing
- Are you training and passionate about what you to on a daily basis?
- Does the Industry, and the Borrower, Need A HARP 3.0?
- GOP Lawmakers Slam CFPB for Withholding Budget Plans
- Weekend Mortgage Commentary – May 4, 2012
- Banks Resume Tight Mortgage Lending Standards
- Banks Resume Tight Mortgage Lending Standards
- FHFA delays principal reduction ruling
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| Real Estate Morgage Blog - Fred Kreger Blog |
| Written by Fred Kreger |
| Wednesday, 08 February 2012 07:33 |
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Rule Requires Nonbank Lenders, Originators to Report Fraud 02/07/2012 By: Ryan Schuette lenders and originators to report suspicious activity related to mortgage fraud. The Financial Crimes Enforcement Network (FinCEN) said that originators and lenders will need to report any suspected fraudulent activity to the organization on an annual and quarterly basis. “Today FinCEN is closing a regulatory gap by requiring non-bank mortgage lenders and originators to develop anti-money laundering programs and file suspicious activity reports with FinCEN,” James Freis, FinCEN director, said in a statement. He called the reports “a critical source of information to law enforcement and regulatory agencies in their investigation and prosecution of mortgage fraud and a wide range of other financial crimes.” The new rule reflects the scope of authority undertaken by the Obama administration as it pursues mortgage and financial fraud. FinCEN gave credit to the new Financial Fraud Enforcement Task Force and Residential mortgage-Backed Securities Working Group, both initiatives launched by the Obama administration in recent months. The new rule will take effect two months after appearing in the Federal Register. Established by the administration in 2009, the network collaborates with more than 20 federal agencies and 94 U.S. state attorneys general to pursue criminal and civil enforcement against financial fraud.
Authors: Fred Kreger |
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