Loan Fraud: How and Where to Report It

By
Real Estate Sales Representative with Fieldstone Real Estate

Today, a blog was started to point out an AR advertiser who was actually blatantly advertising a product intended to be used for consumers to help them commit loan fraud.  The professionals that responded were outraged, and before you knew it, the actual advertiser had jumped onto the blog and started spamming everyone.

This prompted me to make a list where we can report (where we SHOULD report) loan fraud and those who are encouraging it.  I was so pleased to learn filing a complaint was not an arduous paperwork process.  You can file them online in minutes.  Now, what happens after that, I don't know. 

I went to a seminar some time ago on this topic.  The FBI, IRS, attorneys and other officials were there.  They admitted to being flooded with reports and to having to prioritize.   They look at dollar amounts involved, and also how blatant the fraud is.  They look for patterns.  Everyone will not, everyone can not, be prosecuted.  But, if we report them rather than turning a blind eye, perhaps they will at least be stopped, and if they are some of the really bad guys, then they will be prosecuted, and we can help.

Please keep this list handy, you may need it more than you ever thought you would.  If you have additional sources, will you please email me and let me know?  As REALTORS® and other industry professionals, it is our duty to protect the public.  Let's all do our part!

Federal Trade Commission:  http://www.ftc.gov/redirect/form01.shtm

Fannie Mae:  https://www.efanniemae.com/utility/legal/antifraud.jsp  

FBI:  https://tips.fbi.gov/

Consumer Fraud:  http://www.consumerfraudreporting.org/thanks.php

Links to all attorney general offices:   http://www.consumerfraudreporting.org/stateattorneygenerallist.php

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Rainmaker
3,251,770
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Vicky

Mortgage fraud is out of control in the state of Florida

The information on your post will be very helpful to a number of real estate professionals

Good luck

Lou

 

Jul 05, 2008 03:53 PM #1
Rainer
9,015
Keith Webb
Guardant Investments, Inc. - Fullerton, CA
GRI

Vicky, I also attended a Quarterly California Mortgage Association meeting recently in San Francisco in which the FBI spoke about the fraud being committed today upon the lending institutions.  It is hard to believe that these low life, bottom dwelling parasites would be so blatant.  Thank you for taking the time to do the research to make it easy to report this type of activity to the appropriate authorities.  These people end up hurting everybody from the public to those in our profession.

Jul 05, 2008 03:58 PM #2
Anonymous
Bill Cherry

Vicky, thanks for your blog and thanks for point it out to me.  I'm now getting ready to use the information you so kindly gathered for us.

Bill CHerry

Jul 05, 2008 04:18 PM #3
Rainer
104,657
Michael I. Pulskamp
Mainstreet Brokers - Jackson, CA
REALTOR, EcoBroker, GREEN Desingnee

Vicky,

Thanks for the info, and the follow up on my little Q&A post. I know that this offense has gone around before. I just wanted to bring it some attention.

 

Jul 05, 2008 04:32 PM #4
Anonymous
Paula Swayne

Thanks Vickie, for the information...it will be shared at our office!

Jul 05, 2008 06:19 PM #5
Rainmaker
224,219
Nancy Larson
I am a licensed referral agent in NJ - Hutchinson Island, FL

Vicky, thank you for spreading the word. Active Rain's response:

Nancy,

This person has been banned from our website three times and we have blocked every IP addresses associated with him. However, he keeps coming back.

I have now forwarded his information to our local FBI office and will let them decide if there is legal recourse.

Bob Stewart
ActiveRain

Jul 06, 2008 02:55 AM #6
Rainmaker
1,087,506
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Vicky - Thank you for sharing this with us! Great links to keep!

Jul 06, 2008 04:57 AM #7
Rainer
73,772
Pam Pugmire
Silvercreek Realty Group - Meridian, ID
Meridian Idaho Real Estate

Each state should also have a Dept. of Finance, and Real Estate Commission that fraud can be reported to if the offenses are committed by Real Estate and/or Mortgage Professional.

Jul 09, 2008 02:43 PM #8
Rainmaker
151,904
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

Great Post.  Thanks for Sharing!

Fraud hurts so many people on so many levels-it hurts us all in one way or another.

To help combat this disease, I created a group: Real Estate Fraud, Scams, and Ponzi schemes REPORT THEM HERE

http://activerain.com/groups/FraudAlert

Please feel free to post your blog there! 

Jul 20, 2008 05:48 PM #9
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What's the reason you're reporting this blog entry?

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Rainmaker
108,709

Vicky Chrisner

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