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Fraud on the rise in mortgage applications

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Mortgage Professional America | 27 Mar 2017, 08:15 AM Agree 0
As rates feel upward pressure, fraud and misrepresentation are also on the rise
  • Jackie | | 27 Mar 2017, 11:33 AM Agree 0
    Not surprised...with most of the laws being reversed by the new government...we will be going backwards
  • gh | | 27 Mar 2017, 12:43 PM Agree 0
    These laws have been in place and they only thing they hurt was the economy. ARMS have always been around and deoending on the State a non QM mortgage to a business could be in the humdreds of percent. Wake up. The old administration and the party that said "we are here for the people" siply mmet in a back room somewhere to take out brokers which did not cause the banks and wallstreets failures. Dimon became a bilionaire , Wells gets away with fraud and BOA was able to take over the best wholesaler that was able to beat banks. Barney Frank and the banks are able to hide billions of dollars by increasing the appraisal costs tot he consumer and owning AMC's . This controls reaal estate values and add to the fact the Fannie mae . FHLMCC and other financing is gcontrolled by the gov't ( who has run the deficit up to nearly $20,000,00,000. making it almost impossibe for the country not to be run into tthe ground while non amaericans are fed and provided cell phones and medical .. Come on !!
  • Jon | | 27 Mar 2017, 01:36 PM Agree 0
    Grammatically , that was the worse reply and hard to understand statement, that I have ever read. Please proofread your replies.
  • Rojofar | | 27 Mar 2017, 03:51 PM Agree 0
    An intuitive broker needs to use their gut to mitigate fraudulent applications. Most have certainly seen enough of them to pick up on it.

    Adjustable rate mortgages in my opinion, are best suited to investors and savvy consumers with an exit strategy. Given the short term employment cycle that is evident, selling an ARM to a consumer that is relying on refinancing at a later date borders on malpractice by mortgage brokers. Remember to best serve the consumer. In the end there will be far less damage done to the industry.
  • JustFacts NoSpin | | 27 Mar 2017, 09:26 PM Agree 0
    Odd the headline indicates Fraud on the rise; but, the article does not provide one stat on fraud.

    For the comment that the new administration is promoting fraud by reversing mortgage laws, what laws have been reversed? You appear as you did not vote for President Trump and have lost all sense of reality.
  • | | 28 Mar 2017, 08:51 AM Agree 0
    I agree with the grammar. I reccomend that before somebody spews from their "pie hole" please for the love of Goid, please have a qualified person proof read. It makes yer spellin more gooder.
  • Bob | | 30 Mar 2017, 01:09 PM Agree 0
    Here is someone who tells it like it is. Grammer or not, the content is spot on. Our new president and his aggressive stance on reform is our only hope of digging out of the abyss caused by liberal politics. Otherwise, better start learning to speak Chinese.
  • | | 20 Apr 2017, 06:15 PM Agree 0
    I see some banks are not going to do a 4506T, this is the one most important thing a bank can do to insure there is not income fraud as it verifies the true income of the borrower and no fraudulent income is given to the broker or the bank, also i'm running into values being dropped by AMC's, the appraisers are dropping values in a ridiculous manner, I feel they are under pressure to come in low for the bank or lose there business. It will be interesting to see if this gets investigated, as this allows the wholesale bank to re-value the mortgages later down the road at a much more higher value when they go to sell the mortgage 6 months or a year later. My reps say that they don't believe their bank would do that, however i know they do it, it makes perfect sense and hurts the consumer while it pumps up the value of their servicing portfolio. Dump the Amc's and keep the 4506 mandatory, that's all we need for fraud control, CFPB etc... are all a scam, they just needed to do a 4506 to prevent fraud, they all need to go get a job.
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