Volume Buyers

Keeping you informed and updated!

New Legislation in effect August 13th, 2012!

There is some very important news I want to share it with all of you…

The Financial Crimes Enforcement Network (FinCEN) which is a bureau of the US Department of Treasury, has published a final rule that requires non-bank residential mortgage lenders and originators to establish Anti-Money Laundering (AML) programs and file Suspicious Activity Reports (SARs) with them.  If your company makes residential loans;  is named as the person to whom residential mortgage loans are initially payable; sells manufactured homes using a retail installment contract; helps consumers complete credit applications; reviews the contents of a credit application; relays loans to/from consumer or residential mortgage lender; discusses specific financing terms with consumers, your company is covered by the FinCEN rule to have an Anti-Money Laundering Program (AML) and a Suspicious Activity Reporting Policy (SAR).

If your company’s activities are described in the definition of residential mortgage lender and/or loan originator, your company must comply.  The rule defines a Residential Mortgage Loan Originator (RMLO) as “A person who accepts a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.”

*Note that this is NOT related to the SAFE Act and the NMLS registered Mortgage Loan Originator (MLO) program.

The FinCEN rule is effective on August 13th, 2012 and here are very important documents you should review:

“The Association has been working with MHI and others, including the Rishel Consulting Group, on the best sources of information and materials to provide to its members, including setting up conference calls and webinars. Rishel Consulting is one of a number of firms that can assist manufactured housing companies to become compliant with AML.  We are encouraging members if they determine they need to become compliant with AML regulations to do their research by going to the FinCEN website www.FinCEN.gov  and other online websites.”

“In the meantime, we are encouraging our members to read the attached materials and do a quick assessment to determine whether the FinCEN rule applies to their company.  If the company is not covered by the FinCEN rule, no further action is required.”

Two free webinars:

  • Friday, July 20th at 2 p.m. Eastern time, hosted bey Rainmaker Consulting & Rishel Consulting Group
  • Monday, July 23rd at 2 p.m. Eastern time, hosted by MHI

To register go here: https://www1.gotomeeting.com/register/314920736

*The New York Housing Association makes no warranties or guarantees, either express or implied, with respect to the content, products and services provided by either the Manufactured Housing Institute (MHI), Rainmaker Consulting or the Rishel Consulting Group.  The Association shall not be liable to any member or other party for the use of the information, products or services provided, and expressly disclaims all liability arising therefrom.

 

Monday, July 23rd at 2 p.m. Eastern

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July 20, 2012 Posted by | Legislation | , , , , , , | Leave a comment

A Survey and other Important Information

Some very important information has been coming down the pipeline and I wanted to share it with you immediately.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule  about extending anti-money laundering (AML) and suspicious activity reporting (SAR) requirements to non-bank residential mortgage lenders and originators (RMLOs – Additional information is here about defining a RMLOs, etc. FINcen Final AML Rule for Non-Bank Mortgage Lenders 2-17-2012).  Now by August the RMLOs will be required to implements AML and SAR programs.

MHI working with McGlinchey-Stafford to create templates to assist lenders, community owners and retailers in becoming compliant with this rule.  We are asking MHI members to complete the survey in a PDF (NOLADB-#998207-v1-MHI_Member_Questionnaire_for_AML_and_SAR_Programs) or in a Word document MHI_Member_Questionnaire_for_AML_and_SAR_Programs.

In addition, we are requesting that lenders and also MHI members that could possibly be considered RMLOs such as community owners/operators, manufactured housing retailers, etc. to complete the survey.

Please follow the directions and note the information within the survey is kept strictly confidential.  Please return at your earliest convenience.  You can return your survey to Marc Lifset at mlifset@mcglinchey.com or by fax at 518.432.7290.  Feel free to contact Marc if there are any questions about the survey.  Your assistance will help us all more easily comply with this new regulatory requirement.


May 18, 2012 Posted by | Legislation | , , , , , , , , , , , , | Leave a comment