PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

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

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