Section 505

Compliance

Requirements

You must:

  • maintain effective OFAC OFACU.S. Treasury Department, Office of Foreign Assets Control. compliance procedures;
  • monthly screen:
    • the Borrower BorrowerPerson who is the obligor per the Note. , Key Principal Key PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. , Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. , and Principals PrincipalsPerson who owns or controls, in the aggregate, directly or indirectly (together with that Person's Immediate Family Members, if an individual), specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals,… for  Potential Red Flags for Mortgage Fraud and Other Suspicious Activity ; and 
    • all Persons PersonsLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). per  Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 310: Compliance ; and
  • report: