mortgage fraud: Yes, That's Mortgage Fraud and Probably Tax Fraud, Too! - 06/02/09 01:06 PM
People THINK! If your income was too low for the previous year according to your tax returns DO NOT FILE AN AMMENDED RETURN just for the sake of making your income appear higher. (A) that is mortgage fraud and you will be caught - just like we caught the lady today … (4 comments)
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mortgage fraud: What Every Borrower MUST Know About A 4506-T - 01/29/09 01:28 PM
Several months ago most lenders started requiring the completion of an IRA form 4506-T in every loan submission package. Not too long afterward I had an applicant in my office signing documents with a Loan Officer when the LO came into my office and said, "They do not want to sign … (7 comments)
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mortgage fraud: World's Biggest Dollar Scam? The Proof of Funds Racket, Perhaps - 09/10/08 04:12 PM
It started years ago and it still continues. An agent comes to me with a client who has a POF letter from a "real bank". Usually a foreign bank and usually $10,000,000 to $100,000,000 is mentioned.
Their real value? Not even tissue paper - and that's putting it nicely.
If you … (5 comments)
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mortgage fraud: "MARI: 1Q Mortgage Fraud Up 42%" Duh, Really? - 08/27/08 04:18 PM
I think I was I who said, "we'll have less sales and refinances and more fraud" in reference to changes in the lending environment. Trust me - I'm not making excuses for these scumballs and thugs - it's just common sense. Make the dream harder to acheive and people are going … (12 comments)
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mortgage fraud: Just Another Example of Why Some of the "Lender Created Mess" Exists (A Fraud Saga) - 08/01/08 12:37 PM
I regularly receive emails from people asking for my assistance with short sales, loan modifications, etc. Since I'm a "real" loss mitigator and not one of those blue light special "I bought my *certification* with $1500 and a class" variety ... but I digress :)
Today I get this email:
hi, … (11 comments)
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mortgage fraud: What Fraud Proliferates Our Industry? - 07/29/08 03:39 PM
First let me say I'm not accusing these people of fraud. But let me continue that statement after you see some of these links:
Do a search, I dare you:
"seasoned tradelines"
I love this one - "How To Establish Multiple Credit Files With The Equivalent of a 720 FICO For … (6 comments)
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mortgage fraud: Occupancy Fraud, We're Watching You - 02/07/08 05:40 PM
It used to be the number one form of fraud: a buyer saying they intended to occupy a property when they never did.
If you don't know why an applicant would state they intend to occupy a property when they know they are purchasing it as an investment it has everything to … (11 comments)
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mortgage fraud: Credit, Pay Stubs, 1040's and Bank Docs: Fraud For Sale - 01/01/08 07:51 PM
It used to be big, then stated income for W2'd employees came along and it slowed down. After ADT sued Novelty Pay Stubs dot com it slowed down even more. HINT: It's coming back. It took less than 5 minutes to find just the solution at http://www.fakepaycheckstub.com/ where I can purchase … (10 comments)
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mortgage fraud: Finally! As An Industry We Are Stopping Cash Back At Closing on Purchase - 11/27/07 01:48 PM
I have shouted for years about the fraud of cash back at closing on purchase and huge third party payouts to "bird dogs", "locators" and "consultants". Finally, INTERTHINX, a fraud detection and deterrence investigations company I am glad to call "my friend".
You may have read my exchange with a certain real … (4 comments)
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mortgage fraud: Occupancy Fraud - Back On The Top of The List - 10/12/07 02:58 PM
For the past few years overstated value and overstated income ruled the roost for mortgage fraud. Our old friend occupancy fraud took a back seat but is now climbing the charts.
What is occupancy fraud? This occurs when a buyer indicates they intend to occupy the subject property as their primary … (0 comments)
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mortgage fraud: What Is A "Straw" Buyer? - 09/11/07 04:55 PM
Sometimes we use terms familiar to our own little clique but confusing or misunderstood to others. There is one term in particular we hear in my business somewhat frequently that is obviously misunderstood by many. The term I am writing of is "straw buyer". This blog has a dual purpose and … (36 comments)
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mortgage fraud: Cash Back At Closing, Why It Is Fraud, Why "They" Will Be Looking For You - 09/06/07 04:25 PM
It used to be a hot topic and with the tight market in some new areas you will see it popping up in more places. Because of my articles on this topic I have had my well being threatened (by a Bee/Wax agent from Corpus Christi), people have called my office … (11 comments)
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mortgage fraud: How Will Anyone Ever Know? I'll Tell You ... - 06/12/07 08:25 AM
So it's just a little "gray" area that will never harm anyone. Maybe I'll just let it slide so I can get the commission from this deal. After all, how will anyone ever know?
For those of us serious about eliminating fraud and mitigating the damages to our industry and indeed our … (7 comments)
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mortgage fraud: Next to fall: Cash Back and Private Mortgages - 05/10/07 05:49 PM
Every time the game changes the players just change jerseys and get back on the field. There is a LOT of hype and talk about Cash Back At Closing (from a conventional loan any cash that goes back to the buyer from the SELLER's proceeds) is mortgage fraud. Period.So how are … (3 comments)
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mortgage fraud: Fraud Spotters: Cash Back At Closing Defined (Builder Kickbacks?) - 03/07/07 10:50 AM
I have noticed there are some misunderstandings about which cash back at closing is fraud and which is not.
Teri Eckholm recently blogged "Mortgage Fraud - Important Reminders for Buyers, Sellers and Agents" and one of the comments from Neal Bloom which included "jack up the price so that the buyer can … (14 comments)
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mortgage fraud: Increase Credit Scores 200 Points in 30 Days: Legal? Ethical? You Decide. - 02/07/07 03:29 PM
Okay, enough already. So I get the emails all the time. Usually I simply ignore them and mark them as spam so future editions go straight to the dump. But this morning I just wanted to ask, "Explain how this is not defrauding me."
I thought you may enjoy the exchange:
Dear KenDo … (5 comments)
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mortgage fraud: Mortgage Fraud Pop-Quiz - 01/17/07 09:33 AM
We did this before and it was great fun. And we all learned from it so I thought I would do it again. Select the best possible answer for the following statements or questions:
1. The ad reads, "Get Paid For Your Good Credit! Investor with massive assets needs to purchase 1000 … (1 comments)
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mortgage fraud: These Generally Raise Fraud Flags (or badges) - 01/16/07 05:56 PM
These are FLAGS which raise suspicion during the Quality Control procedures of any loan. Today, more than ever in any times past, lenders are examining every acquisition and refinance loan under the proverbial microscope. There are power automated fraud detection systems such as DISSCO from Interthinx, AppIntell from GHR Systems, Falcon … (2 comments)
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mortgage fraud: Starbucks has nothing to do with Mortgages - 10/27/06 09:22 AM
Sorry Jeff! I had to do it ...
If you were invited to a jaliggy (a great and wonderful picnic type party with music, games, food & drink) because they were giving away a new Cadillac to everyone who showed up you'd probably be highly interested in going. However if you read … (25 comments)
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mortgage fraud: Another Answer on Cash Back At Closing and Discount Brokers - 10/15/06 10:23 PM
If you've followed my blogs here on Active Rain and other places you know one of my favorite past times is uncovering and addressing mortgage fraud. Sometimes it's done through simple education before the fact. Other times by turning over evidence to the authorities. I had another real estate broker with … (7 comments)
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