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Welcome to the Platinum Mortgage, Inc.
Compliance Resource Center


Welcome to the Compliance Resource Center. With the ever changing world of mortgage lending, it is difficult to keep up with all the requirements and regulations that impact our business. In an effort to assist our partners in keeping up with these changes, we are providing an informational platform called Compliance Resource Center.

Please keep in mind that the information provided is intended to be a resource guide only and should not be considered legal advice. It is up to each of our partners to determine the policies and procedures based on their own business model.

Thank you for being our partner. We value our relationship with you.


On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank). Dodd Frank was passed in response to the deep recession and housing market collapse that began in 2007, and led to the creation of the Consumer Financial Protection Bureau (CFPB). If your company is a nonbank mortgage loan originator, the CFPB is your federal regulator. In addition to the CFPB, your company likely also has various state agencies that also regulate how you conduct business in the states where your company generates mortgage loans.

The CFPB expects companies that solicit and originate mortgage loans to have a robust and effective regulatory compliance program, and the management team at Platinum Mortgage, Inc., has created the Compliance Resource Center to help. An effective compliance program begins with a fundamental understanding of each regulation that applies to your business, coupled with procedures sufficient to affect compliance with regulatory requirements. The Compliance Resource Center provides a description of each applicable regulation, a link to the full text of each regulation, and a sample policy and other resource material that we hope your company will find useful as you create and maintain an effective compliance program for your company. Expand each subject below to learn more and start building an effective compliance plan for your company.

Consumer Financial Protection Bureau Regulations

Other Federal Regulations

  • Bank Secrecy Act / Anti Money Laundering Open or Close

    Summary: The Financial Crimes Enforcement Network (commonly known as FinCEN) issued a final rule on February 14, 2012, that nonbank residential mortgage lenders must comply with the 1970 Bank Secrecy Act (BSA). The regulation specifically states that “Each loan or finance company shall develop and implement a written anti-money laundering program that is reasonably designed to prevent the loan or finance company from being used to facilitate money laundering or the financing of terrorist activities. At a minimum, the anti-money laundering program shall:

    1. Incorporate policies, procedures, and internal controls based upon the loan or finance company’s assessment of the money laundering and terrorist financing risks associated with its products and services.
    2. Designate a compliance officer who will be responsible for ensuring that:
      1. The anti-money laundering program is implemented effectively,
      2. The anti-money laundering program is updated as necessary, and
      3. Appropriate persons are educated and trained.
    3. Provide for the on-going training of appropriate persons concerning their responsibilities under the program.
    4. Provide for independent testing to monitor and maintain an adequate program, including testing to determine compliance of the company’s agents and brokers with their obligations under the program.”

    The regulation also states that compliance with the regulation shall be examined by FinCEN or its delegates (at present, FinCEN has designated the Internal Revenue Service to be its examination delegate), and that loan or finance companies must develop and implement an anti-money laundering program that complies with the regulation by August 13, 2012.

    While not required to file Currency Transaction Reports, residential mortgage lenders must now establish anti-money laundering policies and procedures, and file Suspicious Activity Reports (SARs) as warranted. ____________________ has adopted a Bank Secrecy Act/Anti-Money Laundering Policy (in accordance with the Bank Secrecy Act) that includes a provision requiring that the policy and its implementation be reviewed by an independent third party on an annual basis. The purpose of this report is to present to senior management of Platinum Mortgage, Inc., the findings of the 2013 independent review of the company’s efforts to comply with the Bank Secrecy Act.

  • Service Members Civil Relief Act Open or Close

    Service Members Civil Relief Act

Additional Resources

Other Policies Your Company May Need

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