2 Former Branch Managers of Top Dot Mortgage plead guilty for falsifying loan documents from Boca Raton, Florida
It was alleged that Peter Hartofilis and Jason Vitulano were branch managers of the Top Dot Mortgage office in Boca Raton, Florida, and devised a scheme to submit fraudulent loan applications to numerous lenders. More specifically, the loan applications contained grossly inflated statements of the applicants' earnings and assets on deposit in a local bank.
In addition, according to court documents and statements made in court, attorney Joseph Miller acted as closing agent and title agent on a number of these loan transactions. Miller agreed to divert loan proceeds to the personal accounts of Vitulano, Hartofilis and others without disclosing that fact to the mortgage lenders.
Read the whole story @ http://tinyurl.com/29nnalw
The Real Estate & Mortgage industry needs to step up its own brand of self-enforcement. The answer is strengthening a pre-funding controls with a multi level system using the host of online tools, in-depth training on "how to read the signs" for the honest and ethical loan officers – as well as processors, underwriters, the closing departments and a host of collateral employees who likewise have their fingers on the process – on how to better detect fraudulent loan applications and real estate transactions.
While some days it may seem too big to curtail on our own, try to stop it we must. In this case, prevention begins not with millions, not with thousands, not with hundreds, but with one: one loan officer, one loan office, one mortgage company, one credit reporting agency – one person – at a time.
It is important to note that lending institutions, companies don’t commit fraud – people commit fraud.
We all need the fraudsters to FEAR retribution from the ethical honest "Real Estate Industry Professionals and Homeowners".
We can prevent mortgage and real estate fraud one transaction at a time!
Michael S. Richardson
Director/Chief Quality Officer
Author of "An American Epidemic, Mortgage Fraud a Serious Business"
Follow me on Twitter @ FocusonFraud