Mortgage fraud

The complaint unsealed Monday alleges three individuals and several companies they owned or controlled engaged in False Claims Act violations involving short sales of properties that had Federal Housing Administration-insured mortgages.

The accused, who also faces vehicle title and investment fraud charges, allegedly submitted falsified statements related to the payoff of an earlier mortgage when applying for a new one.

Economic instability during the quarter drove the increase in findings regarding income and employment, Aces Quality Management reported.

Tough competition for home listings makes consumers more likely to misrepresent themselves on loan applications.

The nine arraigned individuals face 136 counts of felony charges for allegedly running an advance fee mortgage relief scheme over the last decade, totaling $6 million.

The third quarter’s higher share of purchase applications, which followed the refinance wave that crested in the second, caused a rise in mortgage application fraud risk, according to CoreLogic.

More than six months after the CARES Act became law, the two entities joined a host of industry organizations in launching the COVID Help for Home campaign to educate borrowers on the next steps in forbearance.

A Boulder, Colo., man was sentenced to five years in prison after using information obtained through legitimate transactions to create and sell almost $32 million of fraudulent loan packages to a bank.

Getting ahead of the next wave of mortgage fraud calls for rock-solid systems with several protective tools deployed at once. But that only goes so far without the proper employee preparation.

The scheme targeted distressed homeowners in the Filipino community, most of whom were nonnative English speakers, forcing some of them into bankruptcy and homelessness, according to law enforcement officials.