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Loan Mods Pose Heightened Risk for Fraud.
Byline: Brad Finkelstein
Las Vegas-Loan modifications might be an area ripe for mortgage fraud, said panelists in a session on risk control at the SourceMedia Mortgage Fraud Conference here.
Gary Lacefield, executive vice president, director of compliance at WR Starkey Mortgage, said that 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.
Mr. Lacefield said lenders need to get back to the basics. The key in every company's fraud policy needs to be "zero tolerance," he said.
The zero tolerance message was repeated in a later session by Merle Sharick, vice president-manager at MARI. Lenders need to trust only through verification and re-verification.
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Source: HighBeam Research, Loan Mods Pose Heightened Risk for Fraud.