Watchdog launches mortgage fraud toolkit

by Justin da Rosa15 Oct 2015
The National Crime Prevention Council is providing the industry with a resource that is meant to help them educate victims of fraud.

The toolkit will “help mortgage fraud victims and potential homebuyers to react and recover from this problem,” NCPC president and CEO Ann Harkins in a release.

The NCPC says the industry can expect mortgage fraud to continue, despite regulations that have been put in place to further prevent it.

“Unfortunately, it’s hard to even quantify the true extent of mortgage fraud schemes, as many victims are reluctant to come forward or unaware of how to report the crime,” the council writes on its website for the toolkit. “Understanding the different types of mortgage fraud schemes, recognizing the signs of fraud, and knowing the steps to take after a fraud has occurred are essential to identifying, reporting, and preventing mortgage fraud and helping victims recover.”

The purpose of the toolkit, according to the council, is to educate victim service providers, attorneys, and industry players of the various types of fraud and how best to serve the victims.

Mortgage fraud has been a hot topic in the industry lately, with various fraudsters making headlines almost daily.

Recently, a high profile fraud case resulted in a former NFL star being sentenced for five years in jail for one particular scheme.


Should CFPB have more supervision over credit agencies?