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#1647619 - 01/06/12 08:52 PM Commercial Loan - SAR?
Rosebud123 Offline
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Joined: Oct 2003
Posts: 645
Florida
Would it be SAR reportable if a client appears to be collecting rents on the property we hold a mortgage on and instead of paying the bank uses the funds for something else. Is that Fraud. I don't think so, but I need some advice.

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#1647641 - 01/06/12 09:07 PM Re: Commercial Loan - SAR? Rosebud123
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
This is similar, had a customer behind on the loan and asking for loan refinancing with extended terms (after two prior extensions). Bank audited books, which showed funds being used to pay personal expenses of owner instead of bank. We filed a SAR for loan fraud.
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#1647658 - 01/06/12 09:33 PM Re: Commercial Loan - SAR? Rosebud123
Princess of Power Offline
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Joined: Aug 2002
Posts: 406
Napa, CA
Does your security instrument (Deed) include an assignment of those rents?

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#1647668 - 01/06/12 09:26 PM Re: Commercial Loan - SAR? Rosebud123
Rosebud123 Offline
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Joined: Oct 2003
Posts: 645
Florida
There is an assignment of rents. And it appears they have been collecting the rents and paying something else with it. It is in foreclosure right now. Should I file a SAR.

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#1647678 - 01/06/12 09:31 PM Re: Commercial Loan - SAR? Rosebud123
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
YES - loan fraud
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#1647727 - 01/06/12 10:29 PM Re: Commercial Loan - SAR? Rosebud123
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
I would file an SAR.
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