NAMB teams with FBI on mortgage fraudmortgagepress.commortgage fraud, FBI, consumer awareness
The National Association of Mortgage Brokers has joined forces
with the FBI to fight mortgage fraud. NAMB's Web site,
www.namb.org, now features a link to the Internet Fraud Complaint
Center, which is operated by the FBI and the National White Collar
Crime Center, to help consumers and industry professionals report
fraud.
Mortgage fraud investigations conducted by the FBI increased
from 102 in fiscal year 2001 to 550 in fiscal year 2004. "NAMB is
very concerned about the increase in suspicious lending activity
and mortgage fraud, which raises costs for consumers and brokers,"
says NAMB President Bob Armbruster. "NAMB has been working a long
time to raise awareness about this issue. By providing a direct
link to the FBI on the NAMB Web site, it will be easier for
consumers and industry professionals to report suspicious lending
activities."
Mortgage fraud includes:
•Misstatement, misrepresentation or omission in
information necessary to underwriters and lenders before funding,
purchasing or insuring a loan;
•Falsely inflated property values and loans based on
fictitious information;
•Consumers attempting to acquire and maintain ownership of
property under false pretenses (e.g. misrepresented income,
employment history); and
•Equity skimming, property flipping and mortgage-related
identity theft.
"We encourage anyone aware of suspicious mortgage lending
activities to notify the FBI," says Armbruster.
For more information, visit www.namb.org.
