mortgage fraud: The Dangers of Closing Fraud in the Mortgage Industry - 02/09/08 12:58 AM
Much has been written over the past few years about the growing threat of mortgage fraud.  Beyond the FBI statistics, MBA workshops, and the burgeoning industry in fraud detection software for loan originations, the threat of closing table fraud is being overlooked.  The failure to look at the "back end" of the mortgage loan process is taking place to the detriment of lenders and threatens to derail the many advances made in fraud detection and prevention to date.
Fraud in loan origination is a serious problem, and has been thrust upon the mortgage industry largely due to the zeal of pursuing profits … (2 comments)

mortgage fraud: California's Free Pass For Fraud - 02/09/08 12:52 AM
As an attorney specializing in lender loss recovery in instances of mortgage fraud, I was
shocked recently to learn that California has long held that title companies, acting as
settlement agents, have no significant fiduciary liability to lenders.  More specifically,
when California settlement agents conduct a closing, they are under no obligation to
disclose to a lender any suspicion that a party to the closing is perpetrating a fraud, or
engaging in suspect or illegal practices surrounding the transaction.
You can imagine my surprise when I confirmed this statement, made to me by legal
counsel to a major title agency out West … (5 comments)


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