In light of the increased popularity of reverse mortgages,credit unions should be especially vigilant in trying to stopfraudulent practices and help the Financial Crimes EnforcementNetwork's efforts. That's the advice in the NCUA's RegulatoryAlert, which reminded credit unions that home equity conversionmortgages are only available through Federal Housing Administrationapproved lenders. These originators, sponsors and servers haveaccess to HECM loan files.
|NCUA Chairman Debbie Matz wrote that persons perpetrating fraudsometimes seek services of credit unions.
|She suggested that when credit unions file suspicious activityreports they should include “HECM” in the narrative portion andinclude extensive information about the company suspected ofengaging in fraudulent activity.
|To read the letter, go to:http://www.ncua.gov/Resources/RegulatoryAlerts/Files/2010/10-RA-09.doc
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