Regulatory Alerts2012-08-16 | FinCEN Advisory – FIN-2012-A009Added
Suspicious Activity Related to Mortgage Loan Fraud (FinCEN Advisory – FIN-2012-A009)
The Financial Crimes Enforcement Network provides examples of common mortgage loan fraud schemes and potential red flags to assist financial institutions in identifying illicit activities and filing Suspicious Activity Reports. The advisory details specific fraud types, including occupancy, income, appraisal, employment, liability, debt elimination, foreclosure rescue, identity theft, and Home Equity Conversion Mortgage fraud. It further lists indicators such as invalid documents, falsified checks, and unlicensed agents that may necessitate further due diligence. Financial institutions are requested to include the NMLS Unique Identifier in SAR narratives where available to support law enforcement efforts.