Are you in compliance yet? Non-bank residential mortgage lenders..

Mortgage and Lending with First Colorado Lending and cVerifs, Inc. leading providers of training, compliance and verifications solutions to the financial services industry, announced today its launch of a new Anti Money Laundering Rules & Compliance Training and program putting all the pieces together for non-bank residential mortgage lenders and originators (RMLOs).

 cVerifs is a leading provider of information, services and outsourced solutions to assist banks, investors, lenders and servicers in managing needs for third party services to minimize risk as well as staying in compliance with current and future regulations.

 ·         Who Must Comply? The FinCEN AML Rule applies to all non-bank residential mortgage loan originators. In other words, every single non-bank owned mortgage brokerage and mortgage lending company regardless of size must comply.

 ·         Who Will Audit? Internal Revenue Service (IRS) AML examiners will audit for compliance.

 ·         Why Comply? Non-compliance penalty up to $100,000, 10 year jail sentence and loss of business license.


Why the New Rule? To prevent money laundering and mortgage fraud.

Cverifs training course was specifically designed to help RMLOs comply with new rules issued by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), requiring RMLOs to establish anti-money laundering (AML) programs and file suspicious activity reports (SARs).

The cVerifs AML program and SARs education and compliance program was written and designed by Michael S. Richardson. Richardson has more than 28 years of experience in the mortgage banking and real estate industries, where his service has been nationally recognized. Richardson, is also author of An American Epidemic: Mortgage Fraud—A Serious Business, Founder of, and author and presenter of numerous other courses dedicated to provide best-in-class service solutions, this program will help our clients manage risk and capitalize on market opportunities.

Cverifs offers a full service Compliance training and services that's designed to meet all of these requirements.

The cVerifs AML Program is designed to be a full service that covers any business that, on behalf of one or more lenders, accepts a completed mortgage loan application, even if the business does not in any manner engage in negotiating the terms of a loan. Also covered are businesses that offer or negotiate specific loan terms on behalf of either a lender or borrower, regardless of whether they also accept a mortgage loan application.

Just like the Federal Trade Commission (FTC) Red Flags Rule and Grim-Leach Bliley (GLB) Safeguard Rule requirements, the Anti Money Laundering (AML) plan needs be different for every company as all companies vary based on size, scope, complexity. In other words, plans will not be identical. The AMRES AML / SARS training course accomplishes 1 of the 4 minimum requirements under the new rules:

What the new rules required as of August 13, 2012, all RMLOs must:

 1) Establish AML programs that include:


·         the development of internal policies, procedures, and controls;

·         the designation of a compliance officer;

·         an ongoing employee training program; and

·         an independent audit function to test programs.


2) File SARs pursuant to the Bank Secrecy Act:

·         Reports must be electronically filed via FinCEN’s new e-filing system.

 About AMRES


Our courses are specifically designed for the Financial Services, Mortgage and Real Estate Professional. In today’s economy there are two reasons you should seek education and your education must satisfy these needs. The education must satisfy a niche. To be successful and earn substantial income in today’s real estate market you must master a niche and be in compliance with all of the new federal and state regulations. You must become your local market expert in that niche. You will see this distinction between those professionals who are and who aren’t become more apparent as the real estate economy continues to regulate and consolidate.

Our Goal is to off the education to provide compliance and opportunity. Why go to an Ivy League University instead of a state college? The Ivy League University knows how to place its students in top performing, well paying, fortune 500 companies. You have many choices when it comes to Real Estate Industry education, but are they driving you business and keeping you in compliance?

For each class we have reached out to discover what is required and expect when they consider someone a specialist. Each course is their course.

Our goal is not just to educate you, but to open the opportunity for you to perform and to stay in total compliance. Contact them at or call us at 1-800-849-9276

About cVerifs, Inc

We are a leading provider of information, services and outsourced solutions to assist banks, investors, lenders and servicers in managing needs for third party services to minimize risk as well as staying in compliance with current and future regulations. We provide consistent risk analysis and complete, accurate data capture with our Collaborative Credit and Collateral products and services.

The management team of Cverifs possesses years of experience in mortgage loan originations, operations, and collateral markets. Our experienced team provides high-quality, cost-effective services reflecting the highest standard of ethics and professionalism.

Cverifs has selectively interviewed and staffed the finest Quality Review Analysts in the industry. Each review project will have a dedicated Manager, focused specifically on the individual services and engagement. This approach allows us to meet and exceed each client’s unique expectations. Our Analysts each have “best in the business” knowledge and skill levels to succeed.

For more information about cVerifs visit their web site or call 1-800-650-3775

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