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Federal Regulators Agree to Share Mortgage Fraud Information
On the same day that the Mortgage Bankers Association kicked off it’s inaugural National Fraud Issues Conference in Chicago, the regulator for Fannie Mae and Freddie Mac announced that it is now sharing mortgage fraud information with the Treasury Department’s Financial Crimes Enforcement Network. According to a memorandum of understanding executed last Friday, the Office of Federal Housing Enterprise Oversight (OFHEO) and the Financial Crimes Enforcement Network (FinCEN) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings on actual or suspected mortgage fraud with the Financial Crimes Enforcement Network. FinCEN for its part will include OFHEO’s information in its database of Bank Secrecy Act (BSA) information, which can then be queried by law enforcement officials.
For those of you who did not know, the Financial Crimes Enforcement Network is a bureau within the U.S. Department of Treasury. It is tasked with administering the Bank Secrecy Act and maintaining a database that includes Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs), and other reports that financial institutions are required to file. FinCEN supports law enforcement and regulatory agencies through sharing and analysis of the BSA data. The inclusion of OFHEO’s findings will be of significant value in the ongoing effort to combat the use of mortgage transactions as a vehicle for fraud.
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