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Expert Elaborates on "Liar" Loans

Lenders Challenged with Risk of Stated Income Loans

SACRAMENTO, Calif--(Feb. 8, 2007)--CoreLogic:

Who: Anthony Romano, executive vice president for CoreLogic (www.corelogic.com), is a mortgage risk management and fraud prevention expert. Romano consults and implements fraud prevention strategies for lenders and secondary market investors nationwide.

What: The secondary market is alarmed about income pushing and misrepresentation on stated income loan products that lead to poor loan performance. The bottom line is the proliferation of alternative loan products is having dramatic impacts on the industry. Romano has seen five of the top 30 sub-prime lenders in the last two months stop originating loans due to severe losses from loan repurchases. In the last three months the OCC, OTS and many rating agencies have issued guidance on underwriting practices for non-traditional and low doc loan products. The guidance includes a much more comprehensive and reliable process around income validation.

This state of the mortgage industry is leading lenders to focus on one area: repayment capacity. Anthony Romano offers commentary on this issue and answers the following questions:

  • What is "risk layering" and why has it increased in the last five years?
  • Without asking for more borrower documentation, what are lenders' choices for salary validation and what are the current results?
  • What new tools are available for lenders to validate truth in income?
  • What steps do lenders need to ensure better reasonableness checks and reduce fraud with stated income loans?
  • Ensuring "repayment capacity" is critical for success in today's lending environment; what should lenders look for when choosing a technology solution?
When: Romano is available immediately. Please contact Meredith Boyd to schedule an interview.

SOURCE: CoreLogic
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