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In light of the increased popularity of reverse mortgages, credit unions should be especially vigilant in trying to stop fraudulent practices and help the Financial Crimes Enforcement Network’s efforts. That’s the advice in the NCUA’s Regulatory Alert, which reminded credit unions that home equity conversion mortgages are only available through Federal Housing Administration approved lenders. These originators, sponsors and servers have access to HECM loan files.

Peter Westerman

Credit Union Times

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