LYCOS RETRIEVER 
Mortgage Fraud
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The direct results of mortgage fraud create an atomosphere of uncertainty within the financial institutions. Budgets become strained because the banks and mortgage companies suddenly find the need to expand their legal and training departments and have to spend time and energy creating and writing company policies to specifically address the topic of fraud and how to handle it within the institution. Those additional expenses in other areas can have a direct affect on the pay rates and benefits made available to the institution's processors. As has been seen in recent years, some financial institutions no longer employ processors on their payrolls but rather require their originators to outsource their file processing. This allows the institutions to save on payroll budgets, benefit budgets and on internal office supply budgets in order to make more funds available to acquire legal help and insurances that come at much higher prices.
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It really takes a village to commit mortgage fraud. First of all you need an appraiser or a bank official who validates the inflated property price. Keep in mind it can be hard to tell what IS artificially inflated since property values have increased so dramatically in some markets.
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Regional analysis of FBI pending mortgage fraud-related investigations as of FY 2006 reveals that the north central region of the United States led the nation with the most pending investigations. The north central region was followed by the southeast, west, south central, and northeast, respectively (see figure 4).
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Figure 5 depicts the number of sampled report narratives regarding mortgage broker-originated loans that involved suspected loan fraud. Note that the number of reports filed during the first quarter of 2006 equals the total number of reports filed in all of 2004.
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Con artists who perpetrate mortgage fraud against Seniors aim to steal people’s home equity or even snatch a house away. Frequently it’s done by convincing victims to sign over ownership via phony home loans.
With twenty-five years of experience in the mortgage and real estate business, author Michael S. Richardson discovered fraud within his own company. Michael never thought it could happen to him, but it did. Don’t become a victim of fraud. Follow the advice in An American Epidemic and safeguard your interests now!
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Mortgage Fraud