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Canales: Fraud Prosecution in Need of Resources.
Byline: Lew Sichelman
Las Vegas-A popular lament among those in the lending community who try to report instances of alleged fraud is that the authorities - either state, local or federal - don't seem to care.
The cops, on the other hand, say that's just not true; it's just that they don't have the resources to chase down every lead.
But at the Mortgage Bankers Association's National Fraud Issues Conference here earlier this month, Rosemary Canales, a senior investigative agent with Wells Fargo Bank, said much of what goes into convincing the police to pursue a case is actually found in the presentation.
Ms. Canales said she gets 50% of her cases prosecuted because she gives the authorities what they need to move forward.
"If the case isn't workable," she told the conference, "don't give it to law enforcement."
Among other things, the certified fraud examiner said mortgage lenders should be able to identify the suspects, especially the "guy behind the scenes" who is the real person of interest.
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