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Zero Tolerance on Mortgage Fraud.(Cover Story)(Conference notes)
Byline: James Comtois
Lenders need to go back to the basics to catch origination fraud, said one expert during the SourceMedia Mortgage Fraud Conference in Las Vegas. Several speakers declared there must be a "zero tolerance" policy in place as the cornerstone.
With a zero tolerance policy, Gary Lacefield, executive vice president, director of compliance at WR Starkey Mortgage, said, the fraudsters will know which company to stay away from, noting the clichA[c], perception is reality.
The mortgage broker is not going away, he said, but instead, many - including those who pushed subprime loans - are getting their approval as FHA correspondents.
Loan modifications might be an area ripe for mortgage fraud, adding part of the problem is that you are modifying people and keeping them in a product that wasn't suitable in the first place. The modification continues the predatory pattern and practice.
Al Macdonald, chief executive and founder of NominoData, when asked about borrowers who were involved in mortgage fraud, said before just simply modifying the loan, the originator should re-screen the borrower to make sure there wasn't fraud.
He later said that technology is merely a tool to help catch fraud. Lenders need to be constantly monitoring their systems to make sure technology is filling the role that was originally intended.
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