Fraud Prevention and Detection Information
At Chase, we constantly strive to meet the needs of our Correspondents an increasingly dynamic real estate and mortgage finance market. In the current environment, we recognize that both Correspondents and lenders must remain diligent in the ongoing quest for quality, and we should all stay abreast of the latest industry developments in regards to Mortgage Fraud Awareness.
Chase is focused on the integrity of our business and has taken a proactive stance to minimize the effect of fraud on our mutual business. We encourage each of our customers to participate in online training sessions, fraud seminars and other educational opportunities.
Additionally, Chase has developed a list of red flags that may indicate fraud as it is essential to conduct a thorough review of supporting mortgage documents for consistency, accuracy, and the presence of red flags prior to loan submission. Please utilize the attached Mortgage Fraud Red Flag information as an educational tool for both you and your associates.
Fraud Detection and Prevention Red Flags
Chase has a no-tolerance position against fraud and is working with law enforcement agencies, the state's licensing agencies and other lenders to refer criminals participating in fraudulent loan activies for enforcement action. Should you suspect fraudulent activity is occurring, contact our Mortgage Fraud Hotline or submit the information to our Mortgage Fraud mailbox.
Mortgage fraud is a federal crime, and a crime in most states. At the federal level, each violation may be punishable by 30 years in prison, a $1MM fine, or both. These federal penalties are in addition to, not in lieu of, any penalties that may be imposed at the state level.
We are all accountable to restore the integrity of our industry, business and borrowers. As an industry leader, we feel strongly about the actions we are taking and are dedicated to the prevention of fraud.
Should you have any questions, please do not hesitate to contact Correspondent Customer Support at 1-877-ASK-CHASE, Option 7, Option 1. Thank you for your business and for your relationship with Chase