I received a call from my Judy Povio, my lender-partner at Wells Fargo Bank today about some of the newest crack downs in the loan arena. Specifically, she pointed me to an article in the Wall Street Journal that talks about a new thriving industry: loan detectives.
It turns out that there are hundreds of people who are being paid by investors to see if a loan they've bought is based on real facts or some fabrication. The findings are then used to force banks and other lenders to buy back loans they've sold to holders of mortgage-backed securities.
Read more about "Cracking Down on Fraud - Loan Detectives: A thriving new business," at MyPhoeinxmls.com
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