Back

Mortgage Company Compliance Requirements for AML Training

How does a mortgage company meet the statutory requirement for Anti-Money Laundering education? The question comes up because many companies do not comply with the annual education requirement for all employees.

In our opinion the law and regulations on AML training is purposely not specific because the term education is defined by the outcome and not the input.

More simply put if you understand the requirements of the law you are educated.

To be sure you do not forget your education you must be educated annually.

This means you generally must be reminded at least annually.

So the most efficient model education program for a small mortgage company can be described as follows:

  1. Select an AML model plan
  2. Provide a basic training 1 hour session with a quiz ( Year 1 of employment or start)
  3. Provide an update for changes in current law in a 30 minute session w/quiz ( Year 2 of employment)
  4. Provide  an annual quiz to access current knowledge. (Year 3 and forward)

For details on the latest changes in AML training see Latest Update on AML Training

We have published this program at AML Education Online

For more information contact Deb Killian at deb@cloes.online.

Tag:, ,

Debra Killian

Debra Killian is a NMLS State Licensed Mortgage Loan Originator and Certified Residential Mortgage Specialist (CRMS), graduated from Western Connecticut State University, Danbury, CT with a B.B.A. in Accounting.

She has over 35 years of financial, banking, accounting and business experience. Since 1994 when she started originating retail residential mortgages she has directly overseen and managed in excess of $1 billion in closed residential real estate loans, representing thousands of customers.
Debra's experience and educational focus has given her an edge in the marketplace and a strong foundation as a passionate trainer for mortgage originators and Realtors offering customized sales and and mortgage-related training courses.

She utilizes a proprietary software system (LoanMgr) developed by her partner and husband Don DeRespinis, CPA, CRMS designed for compliance, transparency and constant communications with customers, clients, Realtors, attorneys and closing agents throughout each and every transaction.

In 2010, Debra co-authored one of the first NMLS approved 20-hour Pre-licensing SAFE Act courses, required for all state-licensed mortgage originators by Title V of the SAFE Act. She also develops for continuing education classes for Realtors.

In 2011, Debra and Don co-authored The Mortgage Professional, National Residential Mortgage Loan Originator which has been approved by the NMLS for the 20-hour pre-licensing course.

In 2014, she co-authored the MBA's School of Loan Origination(SOLO) I and II.

Past positions include Directors of the CT Mortgage Bankers Association (CMBA) and National Association of Mortgage Professionals (NAMB), Past President of the CT Mortgage Association (CMA) as well as served on the Education, FHA and Government Affairs committees of NAMB. Debra is one of only four originators in CT to earn the Certified Residential Mortgage Specialist (CRMS) designation and the first originator in CT to earn the Lending Integrity Seal of Approval from NAMB.

Debra speaks on a variety of topics to various professional groups and trade organizations and is available for custom course development and delivery.

She is a member of the NAMB, CMA, AIME, Northern Fairfield County Association of Realtors (NFCAR), Connecticut Association of Realtors (C.A.R) and the National Association of Realtors. (NAR).

You may also like

INSTRUCT
Jeanne Kelly & Debra Killian Announce New Program for Originators Working with Realtors!
3 January, 2023
IRS Misclassification
Employee or Independent Contractor Classification Under the Fair Labor Standards Act
20 December, 2022
Audit
UDAAP-ECOA-TILA Are You Ready for Examiners?
27 May, 2022

Powered by CLOES.online.