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Fraud Examiner Advises CPAs
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February 17, 2009
The founder and chairman of the Association of Certified Fraud Examiners shares with CPAs and others the mortgage fraud schemes that are plaguing the home lending industry today.
With fraudulent mortgage originations topping $2 trillion in 2007, Joseph T. Wells who is also a Certified Public Accountant is warning other CPAs of what to watch out for in order to detect fraudulent activity. Wells cites a case where a loan officer was sentenced to 37 months in prison after the company's CPA audited her files to find she was inflating appraisals, providing false information on loans, and diverting mortgage proceeds into her own bank account.
Wells also defines the various types of mortgage fraud including; property flipping, air loans, foreclosure rescue scams, cash back purchases and identity fraud. In addition, he points out 18 red flags that could lead to mortgage fraud.
Read story at Insurance News
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