Mortgage fraud

Mortgage loan application defect risk is at the lowest point since First American started tracking this data, strictly as a function of the shift to a refinance market.

The pursuit of a dream home became a nightmare for apartment hunters who were scammed out of tens of thousands of dollars by an agent pushing a phony affordable housing scheme in Brooklyn, N.Y., authorities said.

Mary Doenlen couldn't tell a judge why she stole over $130,000 from her employer. She wasn't in financial straits. She has a daughter, a husband and a sickly father to tend to.

The prevention of wire fraud and cybercrime being perpetrated against the mortgage business is the latest passion for Regina Lowrie, longtime industry executive and the first woman to head up the Mortgage Bankers Association.

Loan application defect risk fell in December after stabilizing the prior month, but it's not dropping as it quickly as it once was, according to First American Financial.

Mortgage foreclosure rescue schemes resulted in the second highest median individual loss to consumers among all types of fraud reported to the Federal Trade Commission in 2019.

A former Fannie Mae employee is facing more than six years in federal prison for participating in a scam involving discount sales of properties owned by the government-sponsored enterprise.

In a case highlighting a fraud risk for mortgage companies and other financial institutions, two Garden State residents were sentenced for using fake money orders attempting to fraudulently discharge debts.

The drop in home buying power heightened the risk of misrepresentations on purchase mortgage loan applications during November, as consumers are more willing to fudge information in an uncertain market, First American Financial said.

The critical defect rate for closed mortgage loans continued its decline in the second quarter, as lenders benefited from increased loan volume and profitability, an Aces Risk Management study found.