Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Mortgage fraud must be reported in a timely fashion

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July 27, 2005

Mortgage fraud must be reported in a timely fashion

Fannie Mae and Freddie Mac must report mortgage fraud rather quickly, the Office of Federal Housing Enterprise Oversight, or OFHEO said today.

There is still an ongoing discussion among others, on what is reasonable fraud reporting time.

The proposals vary from 4 days from discovering or suspecting fraud to 30 days to "prompt" notification.

This regulation will be publicized in Federal Register and goes in effect in 30 days from publication.

Mortgage fraud has very significant impact on the overall economy and is taken very seriously by FBI.

This came from Inman and here is full mortage fraud reporting proposal.

Posted in Mortgages at July 27, 2005 01:36 PM

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