Mortgage Lender Fraud Increase Seen By Law Enforcement

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

anonymous — Mon, 14 May 2007 11:00:00 GMT

Can a mortgage company obtain a foreclosure court order if they have sold off the mortgage to a another mortgage company.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Nancy — Sat, 06 Jan 2007 13:00:00 GMT

This comment is directed to Julie Ann, the detective. Escrow Officers absolutely have ethical expectations in Oregon. We are regulated by the Real Estate Commission on the escrow side of the house and the Insurance Commissioner on the title side of the house. In addition, our company has a Code of Ethics and a fraud awareness program started last year. Id you have doubts about the ethics of an escrow officer, by all means, contact the legal counsel for that company!

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Danielle Von Tungeln — Fri, 17 Nov 2006 13:00:00 GMT

Ms. Cambell: I do not have blind faith in anyone. I wasn't beeing greedy or seeking to burn the people who checked out my home. I know how to read and I understand contract law. What I lack is someone to enforce regulations and consumer laws. I have spent over a year trying to motivate the "Stop Fraud" bunch for naught. Unless you can afford to take a major lender, title co. and Real Estate Affiliation to court, you wasted time and wish you hadn't bothered. Fraudulent 600$ appraisal? For FHA?

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Doreen Campbell — Sun, 12 Nov 2006 13:00:00 GMT

There should be more public education, and less frenzy to buy at whatever cost, even if unqualified. People have taken equity from their home to gamble it on condo conversions in another state or county. Due in large part to blind faith in realtors & mtg brokers and nobody wants to pay a few hundred for an Honest appraisal - which should be what lenders and borrowers want but is not. Cash back at closing scams come up after booms bust, during adjustment periods. Lots of people can't afford this

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

tom — Fri, 27 Oct 2006 11:00:00 GMT

I am a mortgage loan officer and I can't believe the statement by Mr. Bishop... Just as there are "good and bad" doctors their are good and bad mortgage professionals, but to say that there is a "conspiracy" is a stupid comment.......... I guess that we should all be - thrown in jail - First of all the market isn't crashing....... it's getting back to normal.... the market is the market..which is run by supply and demand.... I can't wait until your book comes out......wait...yes I can

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Stephen G. Bishop — Thu, 26 Oct 2006 11:00:00 GMT

The lenders are part of the total conspiracy. They know they're taking bad loans. The "Innocent Victim" ruse may fool the general public, but law enforcement knows better. The real estate industry and fraud are synonymous, from agent to banker to appraiser and industry spokespersons. The market is crashing because it was a false market to begin with and all the fingerpointing won't absolve responsibility.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Anonymous — Tue, 24 Oct 2006 11:00:00 GMT

The industry has paid little attention to this known problem for years due to the fact that their rate of foreclosure wasn't hurting their bottom line. Once it started to eat away at the earnings and the slowing down of the market has made them less profitable they want to step in and claim "VICTIM". I could go on.....

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Anonymous — Mon, 23 Oct 2006 11:00:00 GMT

I have been a mortgage broker for 25 years and I think anyone with a credit score of less than 680 would agree we have a place in this industry. All parties to fraud need to be held accountable-REALTORS, buyers and sellers but it seems the only time they are is with a huge scam-otherwise it falls on the mortgage officer. I have been threatened by realtors also. They do not fear my governing body nor their own. And, at some point, the consumer needs to be accountable for their own decisions.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Jeff Arnold — Wed, 18 Oct 2006 11:00:00 GMT

Jillayne - over the past 2 years I've seen that one of the main components to fraud are the large sub-prime lenders' need for volume. They need to generate volume, at any expense, so they are turning a blind eye to the loan fraud that is out there. Small wholesale companies can't compete if they do things right because the big guys allow just about anything. Brokers go where they can get the loans done - compliant or not. Change has to start with the big players willing to do things right.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Jeff Arnold — Wed, 18 Oct 2006 11:00:00 GMT

Wow! Stephen I guess you are proof that anyone can write a book. "If a person can't go to a bank for a mortgage, then they aren't qualified" That is probably the single most narrow-minded statement I've seen on this site. Are you aware that ~75% of the loans completed in this country are originated by brokers? If brokers weren't around, we'd still be in the dark ages of 20% down and perfect credit and our home ownership rate would be at 40%. I'm guessing you're a landlord?

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Stephen — Tue, 17 Oct 2006 11:00:00 GMT

I am just putting the finishing touches on my book, "The Real Estate Industry - Day of Reckoning". Dramatic change is needed. Self-employed appraisers must be eliminated. The appraisal process was developed by the real estate industry to facilitate the fraud. Appraisal is the grease that keeps the fraud wheel rolling. Lenders must do their own appraisals. Brokers do not add value to the process. If a person can't go to a bank for a mortgage, then they are not qualified. There's more.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Jillayne Schlicke — Fri, 13 Oct 2006 11:00:00 GMT

I'd love to hear some dialogue on solutions. Self-regulation mechanisms that can support government regulation, etc.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

anonymous — Fri, 13 Oct 2006 11:00:00 GMT

The fraud epidemic is not stopping unless everyone teams up to be aware of activities happening nationwide. For the companies that have correspondents, LOC's and retail there is an easy solution to track the many owner occupied properties, Inv. etc. being bought at the same time. ScanGuard has a program to help eliminate this problem and let the companies be aware of the activities taking place that before were hidden from the lenders. Help to educate and inform the industry.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Watchdog — Thu, 12 Oct 2006 11:00:00 GMT

To anonymous - it varies from state to state as to what obligation the escrow officers/title officers have. They should independently insure the integrity of the transaction but are dependent on the RE and lending industry for the livelihood. It is easy to see that being too much of an advocate in the transaction can be a liability to the volume of their business.

RE:Mortgage Lender Fraud Increase Seen By Law Enforcement

Stephen G. Bishop — Wed, 11 Oct 2006 11:00:00 GMT

I am a former appraiser, licensed twice only to find that every mortgage transaction contains an element of fraud. The brokers I challenged laughed about it. I filed a formal complaint with the FBI and my white papers (The Truth About Real Estate Appraisal, Conspiracy Theory, et. al.) have been published in numerous blogs and periodicals. I have declared war on the real estate industry.