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#419455 - 09/07/05 04:28 PM Investor Requirements
I will SURVIVE! Offline
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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.

Thanks!

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#419456 - 09/08/05 02:06 AM Re: Investor Requirements
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,590
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.
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#419457 - 09/20/05 05:07 PM Re: Investor Requirements
Suwannee Offline
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Suwannee
Joined: Jun 2002
Posts: 641
Florida
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.
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