Skip to content
BOL Conferences Top Gun 23
Thread Options
#419455 - 09/07/05 04:28 PM Investor Requirements
I will SURVIVE! Offline
New Poster
Joined: Sep 2005
Posts: 20
Can anyone lead me to the investor requirements (FNMA, FHLMC, FmHA, VA) regarding FACTA?

For instance, if our organization has followed all CIP requirements (SS card and DL), and did not suspect any fraud, but later learns the borrower's information was fraudulent - what is our responsibility to the investor? I am searching for what they expect from us and their responsibility.


Return to Top
#419456 - 09/08/05 02:06 AM Re: Investor Requirements
Andy_Z Offline
10K Club
Joined: Oct 2000
Posts: 27,612
On the Net
This may be a contract issue between you and the investor. If there is any misrepresentation/negligence on your part I'd bet the problem is yours. If it was on the part of the applicant, it may still be on you. I'm not sure how far they expect you to go, but they expect to buy what you say it is. And if there is fraud, it isn't that.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#419457 - 09/20/05 05:07 PM Re: Investor Requirements
Suwannee Offline
Platinum Poster
Joined: Jun 2002
Posts: 641
Your QC plan should cover what the procedures are in case fraud is detected. Check with the head of your QC department as this is one of the main reasons for the QC department's existance.
When you lose, don't lose the lesson.

Return to Top