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mortgage fraud

California AG Nabs Seven in Loan Mod Scheme

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California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Internet Security: Phishing Attacks

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Question: Recently, our firm came under a “phishing attack.” Our IT people fixed the problem, but we really don’t know what happens in a phishing attack. Can you explain it in layman’s terms? Also, How can we prevent this kind of cyber attack?Click to continue

Two Arrested in Real Estate Ponzi Scheme

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The owners of a now-defunct Southern California real estate investment firm have been arrested for allegedly perpetrating a Ponzi scheme that ended with the bankruptcy of their company and caused private investors and banks collectively to lose well over $110 million when the scheme collapsed.Click to continue

Kroll Reports Quarter-Over-Quarter Rise in Mortgage Fraud

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Kroll Factual Data Inc. has announced a 10.41 percent average increase throughout the country of possible fraudulent activity in loan applications submitted to the company for review between the second and third quarters of 2013. The significant increase—the third consecutive quarterly uptick—adds to an already challenging time for lenders, who are faced with having to comply with stringent loan quality regulations from the Consumer Financial Protection Bureau (CFPB) starting this month.Click to continue

California Attorney General Takes Down Title Fraud Ring

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California Attorney General Kamala D. Harris announced the arrest of five individuals who allegedly ran a statewide housing scheme by using adverse possession laws to fraudulently seize at least 23 homes in nine counties.Click to continue

Mortgage App Fraud Declines 5.6 Percent Year-Over-Year in Q2

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CoreLogic has released its Mortgage Fraud Report showing that fraud risk among U.S. mortgage applications declined 5.6 percent year over year in the second quarter of 2013. According to the report, fraudulent residential mortgage loan applications totaled an estimated $5.3 billion nationally in the second quarter of 2013, down from $5.5 billion in the second quarter of 2012, but up slightly from $5.2 billion in the first quarter of 2013. Fraudulent loan applications reached a combined value of approximately $10.5 billion for the first half of 2013.Click to continue

Report Highlights a Rise in Mortgage Fraud

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LexisNexis Risk Solutions has issued its 15th Annual Mortgage Fraud Report, spotlighting three economic indicators—mortgage fraud and misrepresentation activity involving industry professionals, potential collusion activity, and for the first time, new data showing the volume of properties in default—and their impact on the implosion of the U.S. housing market over the past five years.Click to continue

Interthinx Zeroes in on Mortgage Fraud and CFPB at National Risk Summit


Interthinx recently hosted its annual National Risk Summit in Avon, Colo., an event created to promote open discussion about the risks and challenges of the current marketplace. Organized along multiple tracks, including mortgage fraud, compliance/quality control, and retail lending, the National Risk Summit format encouraged attendees to individualize their learning experience.Click to continue

NY AG Schneiderman Breaks Up Mortgage Fraud Ring

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New York State Attorney General Eric T. Schneiderman has announced the indictment of two attorneys, an appraiser and two others for their roles in a mortgage fraud ring that operated for years and netted more than $1 million by preying upon first-time home buyers and institutional lenders. The five defendants bilked consumers by advertising a rent-to-own opportunity in which first-time home buyers with low credit were offered the chance to own their own homes with no down payments and no closing costs.Click to continue