You must be logged in and have permission to create or edit a blog.

Blog Search

American Mortgage Blog

Dec 6

Written by: Mortgage Blog
12/6/2011 8:15 AM  RssIcon

One of the topics in the press in recent years is the incidence of fraud in the mortgage industry. Many offenders have been brought to justice, while others are under investigation. Honest lenders applaud the efforts of authorities in forcing these criminals out of our industry. Nationwide, mortgage fraud is a pervasive and significant crime problem. In 2010, there was $3.2 billion in estimated losses due to mortgage fraud nationwide, with 2011 on track to equal or exceed that amount. Combating mortgage fraud is a priority for the FBI due to the impact the housing market has on the economy, and since it makes it more costly and difficult for legitimate homebuyers to secure loans.

The most common schemes include loan origination, builder-bailouts, seller assistance, short sale, foreclosure rescue, Home Equity Conversion Mortgage fraud, and identity theft exploiting home equity lines of credit. (See www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud or www.fbi.gov/espanol for an explanation of these terms.) The common denominator among these schemes is that they contain some type of material misstatement, misrepresentation or omissions relied upon by a lender.

Here are some tips for borrowers to combat fraud during the mortgage process:
Obtain referrals for real estate and mortgage professionals when you want to buy or sell a home. Check out their licenses with state, county, or city regulatory agencies.
Do your own research into sale prices and recent tax assessments of other homes in the neighborhood.
Beware of “no money down” loans. This is a gimmick to entice people to buy a home they really can’t afford.
Don’t make a false statement on your loan application, such as overstating your income or lying about where your down payment is coming from.
Never sign a blank document or a document containing blank lines. Read and review all loan documents signed at closing. If you don’t understand what you’re signing, get an attorney who can review the documents for you.

Remember, if it sounds too good to be true, it probably is.


19 comment(s) so far...


nice homepage
# aspirateurs

By TrackBack on   3/27/2013 12:41 AM

woodworking plans

awesome site
# woodworking plans

By TrackBack on   3/27/2013 11:08 PM

the tao of badass

please refer to this site
# the tao of badass

By TrackBack on   4/3/2013 10:34 PM

xerox 8560mfp

American Mortgage Blog - Zero Tolerance Fraud Policy
# xerox 8560mfp

By TrackBack on   4/15/2013 2:34 PM

xerox 8560mfp driver

American Mortgage Blog - Zero Tolerance Fraud Policy
# xerox 8560mfp driver

By TrackBack on   4/16/2013 10:21 AM

clear pores

Howdy! Would you mind if I share your blog with my myspace group? There's a lot of people that I think would really appreciate your content. Please let me know. Many thanks
# clear pores

By TrackBack on   5/1/2013 10:01 PM

penis traction

Hello there, I found your web site by the use of Google at the same time as searching for a related subject, your site came up, it looks great. I have bookmarked it in my google bookmarks.
# penis traction

By TrackBack on   5/4/2013 12:22 PM

Laser cutting machines

I like this blog it's a master piece! Glad I observed this on google.
# Laser cutting machines

By TrackBack on   5/4/2013 4:58 PM

forex robots

forex trading robots http://www.forextradingtrust.com/forex-robots/automated-trading-robots.html
# forex robots

By TrackBack on   7/4/2013 10:33 AM

auto insurance rates

# auto insurance rates

By TrackBack on   7/16/2013 5:27 PM

gucci outlet

American Mortgage Blog - Zero Tolerance Fraud Policy
# gucci outlet

By TrackBack on   7/22/2013 1:09 AM

ugg boots günstig

American Mortgage Blog - Zero Tolerance Fraud Policy
# ugg boots günstig

By TrackBack on   7/22/2013 1:31 AM

replica hermes birkin bag

American Mortgage Blog - Zero Tolerance Fraud Policy
# replica hermes birkin bag

By TrackBack on   7/25/2013 9:16 AM

fake oakley sunglasses

American Mortgage Blog - Zero Tolerance Fraud Policy
# fake oakley sunglasses

By TrackBack on   7/28/2013 1:42 AM

Fak Oakley Sunglasses

# Fak Oakley Sunglasses

By TrackBack on   7/28/2013 1:42 AM

Fake Oakleys

# Fake Oakleys

By TrackBack on   7/28/2013 1:42 AM

Cheap ray ban

# Cheap ray ban

By TrackBack on   7/28/2013 1:42 AM

Cheap Oakley Sunglasses

# Cheap Oakley Sunglasses

By TrackBack on   7/28/2013 1:42 AM

toms shoes outlet

American Mortgage Blog - Zero Tolerance Fraud Policy
# toms shoes outlet

By TrackBack on   7/28/2013 4:37 PM

Your name:
Your website:
Security Code
Enter the code shown above in the box below
Add Comment   Cancel 

Blog Disclaimer

All data and information provided in the blogs on this site are for informational purposes only.  The blogs are submitted by various people and the information and opinions offered are those of the authors and are not endorsed by American Mortgage Service Company and/or AmericanMortgage.com (“we” or “us”).  We make no representations as to the accuracy, completeness, currentness, suitability or validity of any information in a blog on this site.  We will not be liable for any errors, omissions, mistakes, misstatements or content of the blogs or for any losses, injuries or damages arising from its display or use.  The  information in a blog is not to be construed as advice, either legal, financial, personal or otherwise, offered to the visitor of this site.  There is no obligation of the author of the blog or us to update any information provided in a blog.