Warm Greetings Friends,
This is your Hard Money Lender Billy A with some information from the Law Offices of Herman Thordsen. Mr. Thordsen advises that the Anti-Money Laundering manuals for lenders are ready to be shipped with the following reminders:
Direct Endorsement Lenders must update their Quality Control Manuals to include audits of sponsored Third Party Originators.
Loan originators can receive compensation for company produced leads and a higher compensation for self-produced leads.
Loan originators may NOT pay any of the borrower costs, fees or expenses out of their own pocket.
A word to the wise from Herman: CFPB and in his opinion DRE, MLD and DFI of the various states will be adding these four items to their audit check lists. He urges us to be aware and self audit for them ourselves before we are disciplined by our licensing agency. Good advice Herman! Thanks!
In the meantime you can contact Herman if you are interested in ordering a AML audit manual.
www.lendinglaw.com
For more information click here: Anti Money Laundering Audit Manuals Information
In the meantime, don’t forget to
That’s all for now. Make it another great day!
Your Hard Money Lender,
Billy A