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Financial Services Law Insights and Observations

Fannie Mae issues mortgage industry alert to Southern California lenders

Federal Issues Fannie Mae Mortgages

Federal Issues

On October 16, Fannie Mae’s Mortgage Fraud Program issued an industry alert to mortgage companies operating in California identifying new, potentially false, employment information used by mortgage loan applicants in Southern California, Los Angeles County. As previously covered by InfoBytes, Fannie Mae issued industry alerts earlier this year covering “fictitious” employers whose existence could not be verified. This new alert provides common “red flags” to help lenders and originators identify potential mortgage fraud when reviewing employment information.

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