Recordkeeping and Reporting Flashcards

Under the Bank Secrecy Act (BSA), mortgage companies must file a Suspicious Activity Report (SAR) within how many days of detecting a suspicious transaction?

Answer: 30 days

SARs must be filed within 30 days of initial detection of suspicious activity, or up to 60 days if no suspect is identified initially.

Which federal agency is primarily responsible for enforcing BSA compliance for non-depository mortgage lenders?

Answer: FinCEN

FinCEN (Financial Crimes Enforcement Network) is the primary BSA regulator for non-bank mortgage lenders and brokers.

A mortgage company's HMDA Loan Application Register (LAR) must be submitted to regulators by which date each year?

Answer: March 1

HMDA LAR data must be submitted to the CFPB by March 1 of the year following data collection.

For HMDA purposes, which loan action type must be reported when an applicant withdraws their application before a credit decision is made?

Answer: Application withdrawn

When a borrower voluntarily withdraws their application prior to a credit decision, it is reported as 'Application withdrawn' on the LAR.

Under RESPA, how long must a mortgage servicer retain escrow account records after a loan is paid off or transferred?

Answer: 3 years

RESPA requires servicers to retain escrow account records for a minimum of 3 years after the loan is paid in full or transferred.

A Currency Transaction Report (CTR) is required when a customer conducts cash transactions exceeding what threshold in a single business day?

Answer: $10,000

Financial institutions must file a CTR for any cash transaction or series of related transactions exceeding $10,000 in one business day.

Which NMLS record must be updated within 30 days of a material change such as a change in the licensee's legal name?

Answer: MU4 form

The MU4 is the individual mortgage loan originator form and must be amended within 30 days of any material change, including a legal name change.