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Federal Housing Loans Get Fraud Controls

WASHINGTON (CN) - Lenders regulated by the Federal Housing Finance Agency must submit a timely report to the agency upon discovery that the lender has bought or sold a fraudulent loan, or suspects a possible fraud in the purchase or sale of a loan.

The same rule applies to financial instruments.

Also, the regulated entities must establish and maintain internal controls, policies, procedures, and operational training programs to ensure that any fraudulent loan or financial instrument or possible fraudulent loan or financial instrument is discovered and reported, according to an agency rule.

Click the document icon for this regulation and others.

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