Private lending is not as burdened with the abundance of federal regulations that apply to bank lenders. However, that being said, there are still critical regulatory requirements with which lenders must comply, namely Anti-Money Laundering (AML) verification. Just like bank lenders, private lenders are also susceptible to loan application fraud, of particular concern is identity theft.
Preventing Mortgage Fraud
May 8, 2020 1:05:16 PM / by Elizabeth Morales posted in private lending, Preventing Mortgage Fraud