If a mortgage lender discovers that a previously closed loan involved structuring to avoid CTR reporting requirements, what is the maximum timeframe for filing a SAR after discovery?
Correct Answer
A) 30 calendar days
Under 31 CFR 1020.320, SARs must be filed within 30 calendar days after the date of initial detection of the suspicious activity. This applies even to activities discovered after loan closing.
Why This Is the Correct Answer
Under 31 CFR 1020.320, SARs must be filed within 30 calendar days after the date of initial detection of the suspicious activity. This applies even to activities discovered after loan closing.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
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Previous Question
A borrower exercises their right of rescission on a refinance loan by calling the lender on the last day of the rescission period at 8 PM. The lender claims the rescission is invalid because it wasn't in writing. Is the lender correct?
Next Question
A lender is calculating HOEPA triggers for a refinance transaction where the borrower is paying off a $180,000 existing mortgage and receiving $25,000 cash back. The new loan amount is $205,000 with total points and fees of $8,500. What is the correct points and fees percentage for HOEPA evaluation?