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fraud: True Lies: Stated Income Loan Gets Originator Indicted - 01/24/07 12:23 PM
Stated Income Loans Gets Originator Indicted - That was the eye catching title of a December 20th 2006 article by a staff writer at the Originator Times. Was I shocked, or I was appalled, and sick to my stomach... and just a little bit curious.
While the few kindred spirits of Active Rain who know me, and actually take valuable time out of their day to read some of my long and exhausting blog posts probably already know my feelings about the mortgage industry's growing problem that is stated income loans, I was still slightly shocked, and a little bit frightened, … (35 comments)
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fraud: True Lies - 10/11/06 08:36 PM
In case you missed it, Ken Harney had a great article in the Washington Post at the end of September and anybody in the Real Estate Industry, especially mortgage professionals need to take note of what is coming down the pipe.
Starting last week, it just got a lot more difficult for borrowers to lie about their income on their mortgage applications. The Internal Revenue Service has announced that it is overhauling a key income verification tool used by lenders. It is now going to be much easier to pull up electronically a borrower’s confidential income tax information. This new process will revolutionize and replace … (27 comments)
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