Transcription of Fraud Mitigation Prevention Best Practices
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Fraud Mitigation Prevention Best Practices
Fraud Mitigation best Practices Single-Family July 2016 Fraud Mitigation best Practices July 2016 Page 2 Table of Contents Introduction .. 3 Seller/Servicer Requirements .. 3 Preventing Fraud .. 4 Employee Training & Awareness .. 4 Prudent Underwriting .. 5 Quality Control .. 6 Detecting Fraud .. 7 Origination .. 8 Common Origination Fraud Elements .. 8 Common Origination Fraud Schemes .. 11 Servicing .. 17 Detecting Fraud during Servicing of a Loan .. 17 Common Servicing Fraud Elements .. 18 Common Servicing Fraud Schemes .. 21 Investigating Fraud .. 26 List of Investigative Resources .. 26 Reporting Fraud and Other Suspicious Activity .. 28 Resolving Fraud .. 29 Freddie Mac Exclusionary 30 Fraud Mitigation best Practices Page 3 July 2016 Introduction Freddie Mac's Financial Fraud investigation Unit (FFIU) is responsible for the Prevention , detection, investigation , resolution, and reporting of Fraud and suspected Fraud (including mortgage and other financial instrument Fraud ) and other suspicious activity (as defined in the Freddie Mac Single-Family and Multifamily Sel)
Fraud Risk Management Policies and Procedures: Put sound and appropriate fraud detection, prevention, investigation, resolution, and reporting policies and procedures in place and communicate them to employees. Regulatory Compliance: Ensure appropriate policies and procedures are in
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