Utah is #1 in mortgage fraud, and I work in Utah as a mortgage broker, Tuesday I met with the President of the Utah Division of Real Estate, Derek Miller, and its chief fraud investigator, Dee Johnson, it was sad to hear that Utah is again #1.  MARI provided the data to our DRE on fraud; however, the report did include one statistic I was not expecting.  The report stated nearly 70% of the fraud was committed by people outside of the DRE's jurisdiction.  What does that mean? It means that nearly 70% of the fraud is being committed by bank LO's and the general public:  Not mortgage brokers, not appraisers, and not real estate agents. I suspect a few of the guilty had previously had licenses, but I am sure that is the exception not the rule. 

Bottom line, my industry is cleaner than I though, but it still has a long way to go.

 
Posted by David Doerr on 04/27/2007 01:41 AM   Comments (3)   mortgage fraud, utah, home loans  
This post has been included in Utah Information

3 Comments on Sadly, Utah #1 in mortgage fraud - Utah Home Loans

APR
27
2007
 Keep your chin up. I know it is hard to be in this situation. But the honest will stay afloat. Good Luck
2:09am • #1
8 Featured Posts Outside Blog
The recent boom and subsequent plateauing (slight decrease?) in real estate prices in AZ has led to a huge rise in mortgage fraud here as well...
2:19am • #2
MAY
09
2007
I just recently heard this news myself.  It is a sad thing when I have been watching our state move away from this trend the past few years but here we are again.   I often contemplate the reasons and I have a few ideas but there is no proof or statistics to back up my suspicions.   I am an agent in Utah County and I am encouraged by the new improvements the Utah Division of Real Estate is making on this issue.  I, like you, was glad to hear that our industry is not as bad as we were always told we were.  That it is not us doing most of the perpetuating.  I am hopeful that these changes will help and we will see some improvement by the next years reports.  (fingers crossed). 
Susan Jackson
5:38pm • #3

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David Doerr

Provo, UT

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