Wisconsin proposal aims to cut mortgage fraud
http://www.fox21online.com/news/wisconsin-proposal-aims-cut-mortgage-fraud
"A recent Milwaukee Journal Sentinel investigation found about 12-percent of the state's mortgage brokers had felony records."
Better than 1 in 10!
I read the Sentinel's article on their investigstion. Sounds more like 12% admitted to having felony records. That was the relatively "honest" ones. Apparently, at least last March when the investigation was reported, applicants are on the honor system to report their criminal history. There's nothing quite like government policy based on the old cliche' that there is honor among thieves.
That's what happens in an industry where they don't do background checks, and don't provide licensing. Realtor(s) go through a background checks, fingerprinting, etc. Plus, we can have our license yanked. A lot of loan officers don't have this. They do get away with alot. Good blog post about fraud . . .
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