loan fraud: Loan Fraud on the Rise in Florida
- 09/20/08 01:58 AM
You might assume that with home purchases and new mortgage volume off by 30 percent or more in many markets during the past year, loan fraud would be down as well. Wrong. A bench mark quarterly study released Aug. 25 by the mortgage industry’s principal compiler of fraud reports, the Mortgage Asset Research Institute, found that the number of cases jumped by 42 percent between the second quarter of 2007 and the same period this year. They ranged from hoked-up income verifications and credit reports to falsified employment records, financial assets illegally “rented” to buyers to beef up their loan applications, … (0 comments)
You might assume that with home purchases and new mortgage volume off by 30 percent or more in many markets during the past year, loan fraud would be down as well. Wrong. A bench mark quarterly study released Aug. 25 by the mortgage industry’s principal compiler of fraud reports, the Mortgage Asset Research Institute, found that the number of cases jumped by 42 percent between the second quarter of 2007 and the same period this year. They ranged from hoked-up income verifications and credit reports to falsified employment records, financial assets illegally “rented” to buyers to beef up their loan applications, … (0 comments)
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