Just when I thought that mortgage lending couldn't get anymore stressful and cluttered with Freddie & Fannie guidelines, bank overlays, MI companies & the government red tape.
I just finished a whole new round of mandatory training for government compliance.
- SAR - Suspicious Activity Report
- AML - Anti Money Laundering
- BSA - Bank Secrecy Act
I now am required by law to report you to big brother if you bring me any kind of suspicious bank statements with unexplained cash flow.
These now go along with already in place : USA Patriot Act
I'm thinking that I don't need a license, I need a Badge. And you just thought you could promise to pay the loan back??? It's a strange new world..