American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

New Regulation Requires GSEs to File Suspicious Activity Reports with FinCEN

February 25, 2014

The Financial Crimes Enforcement Network (FinCEN) finalized anti-money laundering (AML) regulations requiring the government sponsored enterprises to develop programs for the prevention of money laundering and to file suspicious activity reports (SARs) with FinCEN. The final rule adopts, without significant change, all of the regulatory provisions contained in FinCEN’s November 2011 Notice of Proposed Rulemaking.

The rule requires Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks to file SARs directly with FinCEN instead of the current practice of filing less detailed reports through their regulator, the Federal Housing Finance Agency (FHFA). This will provide law enforcement and regulators with a more complete and timely national picture of suspected mortgage fraud and money laundering, as well as assist with investigations and prosecutions of significant mortgage fraud schemes. FinCEN closely coordinated this rulemaking with the FHFA, to which FinCEN is delegating responsibility for examining the GSEs for compliance with the regulations. This rule is effective 60 days after publication in the Federal Register. The compliance date is 180 days after publication in the Federal Register.

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment