FinCEN Warns on Home Equity Conversion Mortgage Fraud Schemes

This story appeared in Bank Digest.

The FinCEN has released new guidance, “Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes,“ to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration's Home Equity Conversion Mortgage program, a form of reverse mortgage.