Home / Tag Archives: Fraud (page 24)

Tag Archives: Fraud

Mortgage Fraud Reports Down 41%, Says LexisNexis Research

Incidents of fraud reported by mortgage professionals during the 2010 calendar year were down 41 percent compared to the previous 12 months, according to data released Monday by the LexisNexis Mortgage Asset Research Institute. The company says misrepresentation on loan applications and verifications of deposit, along with appraisal and valuation issues, were the most blatant fraud problems last year. However, multiple industry reports indicate that identity, bankruptcy, and income-related frauds are on the rise.

Read More »

REO Tech Firm Offers Refresher on Sound Agent Practices in the Field

With foreclosures expected to rise through 2012, Realis Real Estate Software recently offered tips for REO agents to avoid legal trouble when working with multiple foreclosure properties. The Denver-based workflow management software firm says foreclosure fraud is also increasing, which means potential damaging litigation. Realis says for agents, it all boils down to integrity, organization of all key data, and documentation.

Read More »

HUD Launches Campaign to Shut Down Foreclosure Rescue Scams

On Monday, HUD launched a new campaign in Miami, Chicago, and Los Angeles called ""Know It. Avoid It. Report It."" The targeted operation aims to direct distressed homeowners to trusted resources and counselors for help to avoid foreclosure. It also solicits the support of homeowners in shutting down scammers who target the elderly, Hispanics, and African Americans.

Read More »

Government Returns $2.3M to Victims of Foreclosure Rescue Scam

The Federal Trade Commission (FTC) has mailed 1,410 refund checks totaling $2.3 million to consumers allegedly defrauded by Home Assure LLC, a so-called mortgage foreclosure rescue service. The FTC alleged that the company charged consumers an up-front fee of $1,500 to $2,500, and falsely claimed its ""special"" relationships with lenders would enable the company to secure favorable loan modifications or stop foreclosure altogether - promises the federal agency says the company did not keep.

Read More »

Mortgage Fraud Index Falls to Lowest Level Since 2008

Industry data released this week shows that the dollar volume of mortgage loans associated with fraud has dropped to a three-year low, cut by more than half over the past 12 months to $900,000. Likewise, the number of fraud cases tracked has declined to push the index to its lowest level since early 2008. The drop coincides with the U.S. Department of Justice's late 2010 sting involving 120,000 fraud victims who lost more than $8 billion. However, recent activity suggests the lull might only be temporary.

Read More »

CoreLogic Integrates Fannie Mae LQI Suite with Ellie Mae System

CoreLogic Credco, a provider of merged credit reports, recently integrated its FinalCheck suite into the Ellie Mae Encompass360 mortgage management solution. FinalCheck is an automated Fannie Mae loan quality initiative (LQI) compliance suite that assists lenders in verifying credit, application, and fraud data. The company says the technology can help lenders uncover undisclosed debt prior to loan submission and mitigate repurchase risk to avoid loan buy-backs from the GSE.

Read More »

FTC to Collect $2.2M from Banned Loan Mod Companies

The Federal Trade Commission (FTC) reached a settlement this week with two companies and three individuals, who are now banned from the mortgage relief services business and must pay $2.2 million in assets for consumer refunds. The FTC filed the proposed consent order in the U.S. District Court for the Southern District of Florida. The move is part of the federal agency's efforts to thwart scams targeting homeowners seeking mortgage relief.

Read More »

Fair Housing Investigation Uncovers Corrupt Loan Mod Practices

Four fair housing organizations have released their findings of a year-long undercover investigation of 80 loan modification companies, which reveal a host of corrupt practices scammers employ to target homeowners in distress. According to the report, 55 percent of loan modification companies required an upfront fee to start work or a low initial fee to conduct minimal work, such as reviewing loan documents. Twenty-four percent advised or encouraged homeowners to stop making mortgage payments or stop contacting their lenders.

Read More »

CoreLogic Credco Announces Data Enhancements to Fraud Risk Report

CoreLogic announced this week that the company's Credco division has launched a data-enhanced version of its ENCORE report, which the company says provides lenders with a 360-degree view of mortgage lending and servicing risk. In a recent test of more than 1 million loans, it identified 70 percent of the lender-identified fraud and more than 50 percent of the total foreclosure and charge-off losses.

Read More »

Fraud Criminals Migrate to Hardest Hit Areas

Data released Monday shows an increase in mortgage related fraud in areas with high rates of foreclosures and underwater borrowers. Risk analytics firm Interthinx released its annual Mortgage Fraud Risk Report which analyzes loan applications and determines the most significant mortgage fraud risk trends for the past year. According to the report, overall mortgage fraud risk is highest in areas that have been hit hardest by the housing and economic downturns, and fraud criminals are migrating to these regions.

Read More »