Freddie Mac's commitment to help fight mortgage fraud continues
Freddie Mac continues its commitment to help the mortgage industry fight fraud. Part of this effort includes identifying and preventing fraudulent mortgage schemes and also creating awareness of fraud trends among industry constituents. Our Fraud Investigation Unit (FIU) leads all our efforts to fight fraud.
Spotlight on Freddie Mac's Fraud Investigation Unit
The Freddie Mac FIU was established in 1989, and is responsible for the prevention, detection, investigation, and resolution of mortgage fraud. According to Joan Ferenczy, institutional investigation director, "With the widening spread and occurrence of mortgage fraud, the FIU must continue to be vigilant in its efforts to identify fraud perpetrators, and also assist our industry partners in their fraud deterrent efforts."
The FIU's core job duties entail:
- Helping to preserve the quality of Freddie Mac's loan portfolio by identifying loans impacted by fraud.
- Assisting law enforcement with criminal investigations and making referrals to state licensing and regulatory boards.
- Participating in national, regional, and industry mortgage fraud task forces.
- Providing training to the FBI, state regulators, lenders, and Freddie Mac employees.
- Participating in various speaking forums to discuss fraud trends and anti-fraud strategies.
- Providing information to amend or change Freddie Mac's underwriting guidelines.
- Maintaining the Freddie Mac fraud hotline (800) 4FRAUD8.
Important Freddie Mac fraud resources
- Fraud Hotline: (800) 4FRAUD8
- Home Value Suite: Home Value Explorer® and Home Value Calibrator®
- Quality Control Resources and Fraud Prevention Web site
- Fraud-related articles available on FreddieMac.com
- Register to attend our free Improving Loan Quality through Quality Control webinar.