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FBI Mortgage Fraud Notice

What is FBI Mortgage Fraud Notice?

FBI Mortgage Fraud Notice

FBI Mortgage Fraud Notice is an informational notice provided to the borrower to educate them of the penalties and consequences of the mortgage fraud activity. The notice was developed by Federal Bureau of Investigation (FBI) and Mortgage Bankers Association (MBA) in March 2007 with the intention to deter fraud by highlighting the high penalties or imprisonment. The notice is also known as FBI Mortgage Fraud Warning Notice.

Source :www.MortgagesAnalyzed.com

Contents of FBI Mortgage Fraud Notice

The notice provides a broad description of what constitutes mortgage fraud and informs the reader that mortgage fraud is investigated by FBI and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. The notice also lists various federal statues under which prosecution for mortgage fraud may occur.

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Lender's Considerations

Optional Use

The use of the notice is optional for you. You may provide this notice during the origination stage as a fraud prevention measure designed to deter the borrower from making any false statements or committing mortgage fraud by highlighting the stiff penalties and imprisonment for committing mortgage fraud.

There is no need to customize the notice before you provide to the borrower. In fact, FBI prohibits making any changes or alterations to the information in the notice without the written consent of the FBI.

Since the use of the notice is optional, there is no need to require the borrowers sign the receipt of the notice or have any recordkeeping to evidence the delivery of the notice.

Source :www.MortgagesAnalyzed.com

Borrower's Considerations

No Action Needed

The notice is for informational use only and does not require any action. The only take-away is that mortgage fraud carries stiff punishments.

Source :www.MortgagesAnalyzed.com
 

Document Summary

 
FBI Mortgage Fraud Notice
Purpose
FBI Mortgage Fraud Notice seeks to deter mortgage fraud by making consumers and industry professionals aware of the penalties and consequences of the mortgage fraud activity.
Other Names
FBI Mortgage Fraud Warning Notice
Type
Notice
Provided By
Lender
Provided To
Borrower
Notarization Required
No
Signed By
No signatures are required
Life Cycle Stage
Origination
Recordkeeping
None required
Model Form
FBI Mortgage Fraud Notice
Applicable Laws
None
Source :www.MortgagesAnalyzed.com
 

Sample Documents

  1. FBI Mortgage Fraud Notice

Updated: Sep 27, 2017

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FBI Mortgage Fraud Notice is designed to deter fraud by highlighting stiff penalties
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