Mortgage Fraud Prevention News

Mortgage Fraud Prevention Links and Resources

Fraud Prevention Tool

A New Jersey county offers a new online database the public can access to help prevent mortgage fraud.

Automated Income Verification

Lenders are now able to verify borrower income automatically by validating the income directly from the borrower's IRS tax filings. The independent verification could help lenders detect mortgage fraud by catching income misrepresentation.

Fraud Prevention and Detection Conference Approaching

Forensic and fraud experts are taking the stage in the Third Annual Fraud and Forensic Accounting Education Conference in Atlanta May 28-30. Assistant U.S. Attorney Barbara Nelan will discuss the federal prosecution of mortgage fraud nationwide.

Automating Fraud Detection

A new mortgage fraud detection service automates the gathering and identity-linking activities that monopolize the majority of an investigator's time. The service can take existing data and uncover potential fraud activity.

Taking Action

One mortgage company has developed a new program to protect itself from borrowers who are seeking to secure mortgages by fraudulent means.

FHA Fraud Tools

New data suggests fraud-tainted FHA originations resulting in delinquencies and defaults could rise to $7.5 billion for 2009. A few companies are developing ways to help the Federal Housing Administration minimize the costs associated with the expected massive mortgage fraud volume.

FHA Fraud Prevention Gets Boost

A new software solution has been developed to help the U.S. Federal Housing Administration combat mortgage fraud by offering an instant Qualification Assessment against FHA loan guidelines for each mortgage application submitted. This solution also provides a detailed report on any fraud-related risks that could cause borrower default or delinquency on the loan.

Changing the Rules

New software solutions are enabling lenders to customize data for compliance and fighting mortgage fraud. The mortgage fraud prevention platform allows lenders to keep up with the fast-changing market conditions and compliance regulations.

Heed the Warnings

Today's new scams can be avoided if consumers understand how the mortgage process works and what tricks con artists are up to these days.

Seniors Beware of Fraud Schemes

An Attorney General is warning seniors of the dangers of mortgage fraud and what kinds of schemes to keep an eye out for.

Thumbs Up for New Law

It's two thumbs up for a new law that would require notaries public to identify signers and obtain a thumbprint for deed transfers.

No Stones Left Unturned

Officials warned U.S. lawmakers today that everything possible needs to be done to fight the war on mortgage fraud.

Under Wraps

Fannie Mae and Freddie Mac are in the process of developing new tools to help combat the surge of mortgage fraud.

Sharing Results

Details of the latest Mortgage Asset Research Institute's 11th Periodic Mortgage Fraud Case Report are going to be shared with the U.S. House of Representatives Financial Services Committee today. Merle Sharick, a vertical solutions consultant, was scheduled to testify.

Sharing Reports for Fraud Prevention

A new online software tool has been developed to assist lenders in mortgage fraud prevention by communicating with title companies.

Let's Get Real

A new real-time mortgage fraud prevention tool has hit the streets and is focused on revealing red flags before it's too late. This new system was just unveiled at the 2009 National Technology in Mortgage Banking Conference & Expo.

Fraud Hotline

To help handle the rising flood in fraud complaints the Federal Bureau of Investigation has become more proactive by adding a mortgage fraud hotline.

Preventing ID Theft

Helping to prevent mortgage fraud at the origination point, one company has created a risk assessment tool that could help lenders identify identity and occupancy misrepresentation when the credit report is ordered.

License and Registration Please

In an effort to track, and hopefully prevent mortgage fraud, loan originators and appraisers are now going to be required to provide their license or registration numbers on loans that Fannie Mae or Freddie Mac acquire.

An Anniversary Celebration

The first year anniversary for the Western Pennsylvania Mortgage Fraud Task Force ended with mortgage fraud-related charges against 17 people.

Fraud Prompts Task Force Creation

A Pennsylvania man pleaded guilty to a multimillion-dollar mortgage fraud scheme that was responsible for motivating the local law enforcement to create a special task force.

Lack of Resources, Communication Displaced Fraud Investigations

As early as 2004, an official from the Federal Bureau of Investigation gave Congress an ominous prediction of a mortgage meltdown that would affect financial markets. The current Assistant Director for the agency said the FBI has made good strides.

Transparency, Revisions Set at Ginnie Mae

Ginnie Mae is evaluating and revising procedures related to the packaging of mortgage loans into securities to help prevent fraud-infested bonds. The agency is considering the use of automated tools to increase its efficiency, according to its president Joseph Murin, who said they are preparing to be the last line of defense.

U.S. Rep Aims to Prevent Mortgage Fraud

Legislation to form a nationwide mortgage fraud task force was passed last September by the House but blocked by Republicans in the U.S. Senate.

Ex-Undercover Agent Publicly Fights Fraud

A former FBI agent that investigated money laundering, tax fraud and other financial crimes against the government now helps lending institutions fight against mortgage fraud.

Lenders Required to Establish Procedures for Fraud Risk Factors

In an effort to prevent mortgage fraud by identity theft, lenders will have to put into place a protocol for dealing with loan applicants and address discrepancies at the credit bureau level. The Mortgage Bankers Association's Residential Technology Steering Committee addresses this mandate and how lenders can best implement the procedures.

Mortgage Fraud Taking Front Seat

The Department of Justice is redirecting its Corporate Fraud Task Force towards mortgage fraud investigation to help combat the current housing crisis.

Free Consumer Fraud Prevention Tool

Hoping to head off mortgage fraud committed with forged deeds, the Allen County Recorder’s office in Indiana is offering a free alert service to its residents that would notify homeowners when a document is filed in the County Land Records with their name on it.

Florida Fights Rising Fraud

Florida regulators are proposing the renewal of a state fund to compensate victims of mortgage fraud. Up to $50,000 would be provided to borrowers defrauded by mortgage brokers.