Freddie Mac Updates Fraud Mitigation Best Practices
On February 3, Freddie Mac released an update titled Freddie Mac Updates Fraud Mitigation Best Practices.
Freddie Mac Updates Fraud Mitigation Best Practices
The Freddie Mac Financial Fraud Investigation Unit (FFIU) has updated and posted online its comprehensive Single-Family mortgage fraud mitigation best practices document [pdf]. These fraud best practices will help you know what to look out for, how to report fraud or suspected fraud to Freddie Mac, and what steps you can take to help prevent and resolve fraud.
In addition to updating content, we’ve organized origination and servicing fraud schemes and red flags into separate, easy-to-read sections. It’s worth noting that, as the industry evolves, so do fraud trends. The relevance of the schemes outlined in this document will vary depending on the lending environment.
For easier use, the FFIU also has turned the mortgage screening checklist [pdf] section into a standalone reference. This reference offers you an at-a-glance checklist of inconsistencies or “red flags” you may find in a mortgage file.
Please review these updated resources and share them with the appropriate members within your organization. Both resources are available online at Fraud Prevention Resources.
Looking Forward to Continued Success
Freddie Mac is committed to helping the mortgage industry fight fraud, and our FFIU is at the forefront of our mortgage fraud mitigation efforts.
Your continued efforts toward fraud prevention, detection, and reporting are critical in the fight against fraud. Thank you for your vigilance.
For More Information
- Visit the Freddie Mac fraud prevention Web page.
- Refer to Single-Family Seller/Servicer Guide Chapters 7 and 57 for our complete requirements for fraud prevention, detection, and reporting.
- Call us at (800) 4FRAUD8.
- Email us at Mortgage Fraud Reporting.
Please click here to view the update online.
About Safeguard
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.
