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Report Links Defaults and Foreclosures to Borrower Fraud.
Fort Worth, TX -- The ongoing search for foreclosure culprits recently found blame in an unlikely place. An FBI mortgage fraud report linked up to 70% of early payment defaults to borrower misrepresentations on mortgage loan applications.
According to Jay Meadows, CEO of Rapid Reporting here, a national provider of fraud-preventing income and identity verification products and services, the study findings highlight the roots of the problem.
While it would be naive to assume that we could narrow the cause of every foreclosure down to one single factor, this FBI information clearly indicates that borrower fraud plays a significant role in the record number of defaults and foreclosures weve been seeing over the past couple of years, he said.
Now that lenders know one of the leading causes of defaults and foreclosures, they can move forward into a solution.
Mortgage fraud costs lenders an estimated $4 billion per year and identity theft is the fastest-growing segment in the fraud arena. Up to 60% of all mortgage fraud involves income or identity misrepresentation by the borrower, and according to the FBI, often involves the ...
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...public-service industry Web site Mortgage Fraud Blog (www.mortgagefraudblog.com...the growing problems associated with mortgage fraud against lenders. Dollar is a partner...Mortgage Banking Group. She handles mortgage fraud litigation for lenders on a nationwide...
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...lawmakers about the damage caused by mortgage fraud against lenders, we face somewhat...The money and homes gained through mortgage fraud have helped the gang support its other...dealing, smuggling and prostitution. Mortgage fraud has even begun to finance international...
Source: HighBeam Research, Report Links Defaults and Foreclosures to Borrower Fraud.