Eye On Fraud
The industry fight against fraud is in full swing and expanding globally.
If nationally known experts contemplate best solutions and analyze past mistakes, several truths are becoming crystal clear to many. For example, income and employment verification is turning into a priority for lenders and servicers currently engaged in the implementation of the Home Affordable Modification program, which expects to finalize up to 9 million loan modifications. Doing the loan right the second time around avoiding new foreclosures, redefaults - and most importantly fraud - remains key to the program's success.
Some lenders and servicers worry about identity theft. A QuestSoft survey found 74% of the 355 lenders polled cited RESPA adjustments to fee accuracy rules as their major concern for 2009. Up to 39% said one of their top five concerns for the year is ID theft.
The Consumer Mortgage Audit Center has created new tools designed to detect fraud in mortgage orginations, servicing and securitizations. Attorneys across the country are expected to use these tools against fraudsters. Various firms are joining forces in their fight against fraud by sharing technology, databases and other resources to the benefit of clients. Partnerships help their operation capacity and need to expand to scale.
As mortgage fraud continues to impact the mortgage industry and the economy at large, professionals in the field are continuously updating their skills.