Mortgage Broker Company - Mortgage Broker And Fraud

This is a must read -

Mortgage fraud frenzy

The real estate market has never offered such opportunity for graft. Since the housing market started to soar in 2001, mortgage fraud has become the fastest-growing white-collar crime, according to the FBI. Last year crooks skimmed at least $1 billion from the $3 trillion U.S. mortgage market.

Now that the market is slowing, fraud is only rising. As business dries up, there’s increasing pressure on lenders, brokers, title companies and appraisers to be profitable. That means loan and title documents aren’t scrutinized as carefully as they might be, and courts - many of them so low-tech they resemble Mayberry - can’t keep up with the volume of paper.

Then there’s the mad rush to sell, particularly by people who paid high prices for homes and suddenly can’t afford the mortgages.

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Sharon