NAMB Prez: Fraud Takes Many Forms

Fraud "comes in many forms and has been around for some time," National Association of Mortgage Brokers president Harry Dinham told attendees Aug. 3 at the California Association of Mortgage Brokers annual convention.In his speech in San Jose, Mr. Dinham referred to someone at the recent Florida Association of Mortgage Brokers convention who said it is a lot easier to commit mortgage fraud the second time than the first. "I agree. And his words have been replaying in my mind since then," Mr. Dinham said. "So how do we stop fraud from happening the first time? The only way to combat mortgage fraud is to strengthen and enforce existing laws and educate our broker members and consumers on the best ways to avoid this serious problem." The last thing the industry needs is more regulation, he said, given that enforcement of current laws is underfunded.