Suspected mortgage fraud tops FinCen list

The Consumer Financial Protection Bureau, the United States Department of the Treasury, and the Financial Crimes Enforcement Network (FinCEN) are issuing this joint memorandum to encourage coordination among financial institutions, law enforcement, and adult protective service agencies (APS) in order to protect older adults from elder financial exploitation.

to include non-bank residential mortgage lenders and originators (RMLOs). Previously, RMLOs were exempted from SAR and AML (anti-money laundering) requirements of the BSA, however upon review FinCEN discovered that ^.the absence of SAR rules for RMLOs has resulted in a substantial gap in mortgage fraud related SAR reporting _.

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 · When completing a SAR on suspected loan fraud you should indicate the type of mortgage loan fraud with the appropriate code in the FinCEN SAR and give a detailed description in the narrative. For any activity without a corresponding code, identify it as “Other” and describe the activity in the narrative.

FinCEN Issues Mortgage Loan Fraud Update admin – February 19, 2010 – Leave a comment The Financial Crimes Enforcement Network (FinCEN) released a new analysis of suspicious activity related to possible mortgage loan fraud reported in the third quarter of 2009.

Top Filing Institutions. 27. Fraud. terns shown in SARs reporting suspected mortgage loan fraud filed between April. 1, 1996 and. real estate transactions involve multiple parties, SARs frequently list multiple subjects in a single report.

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The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform national banks, federal savings associations, and federal branches and agencies (collectively, banks) of sound fraud risk management principles. This bulletin supplements other OCC and interagency issuances on corporate and risk governance.

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In the first quarter of 2011, suspicions of mortgage fraud are up 31 percent from the same quarter last year, according to FinCEN. The total SARs reflect the number of people or organizations.

FL homeowners flock to principal reduction program Nationwide,home prices have fallen about 34% since the mortgage meltdown began in mid-2006, according to the latest S&P/Case-Shiller home price index. But they were specially hard hit in states that.

FinCEN Assessment Reveals Suspected Mortgage Loan Fraud Continues to Rise (11/03/2006) HTML | PDF Reports Mortgage Loan Fraud Update: Suspicious Activity Report Filings from July 1, 2010-September 30, 2010 (January 2011) PDF Only

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