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NCUA Offers Suggestions on Detecting Home Equity Loan Fraud

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.

By Claude R. Marx | Updated on July 18, 2010

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 reminds 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.

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