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Early-Payment Default and Fraud
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March 11, 2009
First-payment defaults are not necessarily tied to fraud, according to the U.S. Department of Housing and Urban Development. Reports of skyrocketing early defaults appear to be untrue.
The Post recently quoted HUD Inspector General Kenneth Donohue as saying that a loan with an early-payment default suggested impropriety and fraudulent activity. However, in a phone interview with MortgageDaily.com, HUD spokesman Brian E. Sullivan dismissed the notion that first-payment defaults are all tied to fraud.
Sullivan told MortgageDaily.com that some of the early defaults are attributable to sloppy underwriting, not orchestrated fraud. The real estate finance industry publication also found data that indicates first-payment defaults on government-insured mortgages have fallen, contrary to media reports that they were on the rise.
Find out more at MortgageDaily.com
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