Thursday, May 17, 2012

Has Mortgage Fraud Decreased?

The LA Times sizes up new tools that help lenders catch people who fib on their mortgage applications:

Sometimes the fraud check is as simple as a quick call to the customer right before the loan is closed to verify information supplied on the loan application. Such a call to an otherwise unsuspecting borrower can sometimes uncover a lie perpetrated by a corrupt loan officer who's in it for the commission — or more. [...]  In other cases, lenders are using sophisticated databanks to spot the crooks. "There's a tremendous wealth of data being deployed," said Becky Walzak, a quality assurance consultant in Deerfield Beach, Fla. "There are tons of databases available to validate the information you give us."

Steve Clowney

http://lawprofessors.typepad.com/property/2012/05/has-mortgage-fraud-decreased.html

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