A financial institution's BSA compliance officer discovers that an MLO failed to file a required SAR within the 30-day deadline. The compliance officer should:
Correct Answer
A) File the SAR immediately and document the late filing
When a required SAR filing is discovered to be late, the institution should file it immediately and document the circumstances of the late filing. Late filing is better than no filing, and regulatory agencies expect prompt corrective action when violations are discovered.
Why This Is the Correct Answer
When a required SAR filing is discovered to be late, the institution should file it immediately and document the circumstances of the late filing. Late filing is better than no filing, and regulatory agencies expect prompt corrective action when violations are discovered.
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A small creditor originates 450 first-lien mortgages in the current calendar year and 380 in the previous year. Their assets total $2.8 billion. Can they originate balloon payment QMs in the current year?
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A borrower receives their Closing Disclosure on Monday and is scheduled to close on Thursday of the same week. On Wednesday, the lender discovers the property taxes were underestimated by $200 per month. When is the earliest the loan can close?