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HECM Servicers Face Potential Fraud Risk.
LAS VEGAS-Home-equity conversion mortgages, those backwards loans seniors use to turn their homes into cash, are more susceptible to fraud than other types of loans, according to a specialist in reverse mortgage servicing.
These seniors-only loans, reserved for owners 62 years of age or older, are "more vulnerable than standard products because you're dealing with seniors," Linda Bridges of Wells Fargo Home Mortgage said at SourceMedia's Third Annual Mortgage Fraud Conference here. Reverse mortgages are so prone to fraud, she said, that anyone in the business of dispersing funds to borrowers should consider putting a fraud specialist on staff to monitor the loans.
One of the big ...
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Source: HighBeam Research, HECM Servicers Face Potential Fraud Risk.