WASHINGTON -- (March 8, 2007) -- John M.
Robbins, CMB, Chairman of the Mortgage Bankers Association
(
www.mortgagebankers.org),
today joined Karen E. Spangenberg, Financial Crimes Section
Chief for the Federal Bureau of Investigation (FBI) to announce
and sign a memorandum of agreement for the two organizations
to work together to promote the FBI's Mortgage Fraud Warning
Notice.
"Fraud against lenders is a growing problem that hurts everyone throughout the mortgage process, from the lenders themselves, through the brokers and appraisers to the consumers and the communities we invest in," Mr. Robbins said. "Fraud is costing lenders billions of dollars each year and I want to thank the officials at the FBI for joining us in this partnership to give us another tool in the fight to stop fraud against mortgage lenders."
The FBI's Mortgage Fraud Warning Notice states that it is a federal crime for any person to make any false statement regarding income, assets, debt or matters of identification or to willfully overvalue any land or property in an effort to influence the action of a financial institution. The Notice reminds the reader that fraud is investigated by the FBI and is punishable by up to 30 years in federal prison or a $1,000,000 fine or both.
Under the MOU, MBA and the FBI will foster use of the Notice by:
- Making it available to mortgage lenders so they may voluntarily post it on their websites as a means to educate consumers and mortgage professionals of the penalties and consequences of fraud against mortgage lenders;
- MBA making the notice available on its own website and through the industry conferences it hosts;
- MBA promoting the notice through its residential committee structure;
- The FBI pre-approving certain minor variations of the Notice.
Source: Mortgage Bankers Association
