Non-bank Mortgage Lenders Now Regulated

As it has become mandatory for non-bank mortgage lenders and originators to operate under the federal reporting requirements, the number of reports of suspected mortgage fraud is expected to experience a surge next year. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) requires all service providers, including both federally regulated financial institutions as well as non-bank mortgage companies, to report any suspicious activity related to mortgage fraud. To help service providers, particularly non-bank firms, understand their compliance obligations, FinCEN has conducted public outreach at mortgage industry events.