Skip to content

Fraudulent Loan App - Requires SAR?

It has been determined that a customer has fraudulently indicated employment on a loan application. At the time of the application he was employed, but at closing he had been terminated and did not notify the lending officer of his change in status. Other than a SAR, what else should I pursue to report this situation?

You'd typically file a SAR when there is some provable intent to defraud the institution. The time lapse between the completion of the loan application and the closing make this murky. Please contact your institution's legal counsel for assistance -- you need more information even before you file the SAR.

First published on 3/14/11

First published on 03/14/2011

Filed under: 
Filed under lending as: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics