Feds Extend Real Estate Money Laundering Probes – NMP Skip to main content

Feds Extend Real Estate Money Laundering Probes

Feb 27, 2017
The federal government has announced a 180-day extension into its investigation of foreign entities that may be using U.S. real estate purchases for money laundering

The federal government has announced a 180-day extension into its investigation of foreign entities that may be using U.S. real estate purchases for money laundering.
 
According to a Reuters report, the extension by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires title insurance companies to inform federal authorities of all-cash purchases in New York City, San Antonio, Florida’s Miami-Dade, Broward and Palm Beach counties, and California’s San Francisco, San Mateo and Santa Clara counties plus Los Angeles. The original investigative probe was enacted in January 2016 and was set to expire on Feb. 23.
 
FinCEN Acting Director Jamal El-Hindi stated that the information gathered over the past year offered "valuable data that is assisting law enforcement and is serving to inform our future efforts to address money laundering in the real estate sector.”
About the author
Published
Feb 27, 2017
Insuring The Risk To Lenders At Closing

Traditional protections like title insurance and closing protection letters may leave lenders exposed to significant settlement, funding, and fraud-related losses

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place