The House Appropriations Committee wants the FBI to spend less time on mortgage fraud and more investigating other white-collar crimes.
“The House committee is concerned that the FBI budget proposal focuses too exclusively on mortgage at the expense of other high priority financial fraud issues,”
If we loose the focus of the FBI and will that allow mortgage fraud to rise even more?
Is it time for our industry to seriously educate, enable qualified prevention systems, with our own industry enforcement tools in place such as the Nationwide Mortgage Licensing System?
How do we maximize the use of the NMLS?
How do we encourage and promote honesty, ethics in order to gain the trust we have in our industry?
The ethical honest “Real Estate Industry Professionals” need to step up and assist the “American Homeowners” that are being victimized from these fraudsters and assist our governmental agencies in stopping mortgage fraud.
The majority of fraudulent loans are an inside job. Borrowers are not sophisticated enough to know the inner workings of a mortgage loan to get it through the different stages of loan processing, underwriting, and closing. We need to learn and teach how to prevent mortgage fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
Please give your input, any comments or ideas!
We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
It starts with me.
It starts with you.
It starts with us…
Michael S. Richardson
Director/Mortgage Fraud Services
Author of "An American Epidemic, Mortgage Fraud a Serious Business"