Administrator of National Banks Provides Bulletin on Loan Modification/Foreclosure Rescue Scams

The enclosed Bulletin from the Office of Comptroller of the Currency (OCC), (the Administrator of National Banks of the U.S. Department of Treasury) on Loan Modification/Foreclosure Rescue Scams is of interest. It provides information on an advisory that instructs banks to use the term “foreclosure rescue scam” when completing a Suspicious Activity Report (SAR) that involved a loan modification/foreclosure rescue scam. The advisory also provides a list of “red flags,” which may be indicative of the presence of a foreclosure rescue scam.

Read the enclosed Bulletin.