Regulatory Alerts2010-04-27 | FinCEN Advisory - FIN-2010-A005Added
Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes
Financial institutions are requested to include the specific term "HECM" within the narrative portions of all relevant Suspicious Activity Reports involving Home Equity Conversion Mortgage fraud and to highlight the exact dollar amounts associated with the loan proceeds. The advisory further requires that the Suspect/Subject Information Section of these filings include all available identifying details for each party suspected of engaging in the fraudulent activity. Additionally, institutions are asked to include the term "FHA" in narratives for other types of FHA-insured mortgage fraud and to ensure senior homeowners are not listed as suspects unless there is reason to believe they knowingly participated in the fraud.