Skip to main content

NAMB urges due diligence in battling foreclosures

Jun 11, 2007

MBA and FBI promote Mortgage Fraud Warning NoticeMortgagePress.comgrowing problem, costing lenders billions, federal crime, any false statement regarding income, assets, debt or matters of identification John M. Robbins, CMB, chairman of the Mortgage Bankers Association (MBA), joined Karen E. Spangenberg, Financial Crimes Section chief for the FBI, to announce and sign a memorandum of agreement for the two organizations to work together to promote the FBI's Mortgage Fraud Warning Notice. "Fraud against lenders is a growing problem that hurts everyone throughout the mortgage process from the lenders themselves, through the brokers and appraisers, to the consumers and the communities we invest in," Robbins said. "Fraud is costing lenders billions of dollars each year, and I want to thank the officials at the FBI for joining us in this partnership to give us another tool in the fight to stop fraud against mortgage lenders." The notice states that it is a federal crime for any person to make any false statement regarding income, assets, debt or matters of identification or to willfully overvalue any land or property in an effort to influence the action of a financial institution. The notice reminds the reader that fraud is investigated by the FBI and is punishable by up to 30 years in federal prison, a $1 million fine or both. Under the memorandum of agreement, MBA and the FBI will foster use of the notice by: -Making it available to mortgage lenders so they may voluntarily post it on their Web sites as a means to educate consumers and mortgage professionals of the penalties and consequences of fraud against mortgage lenders; -MBA making the notice available on its own Web site and through the industry conferences it hosts; -MBA promoting the notice through its residential committee structure; and -The FBI pre-approving certain minor variations of the notice. For more information, visit
About the author
Jun 11, 2007
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024
123 Newrez Employees Laid Off In Florida and Colorado

WARN Notices were filed the day after Computershare Mortgage Services, SLS acquisition closed.

May 07, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024
Yield Curve, Schmield Curve?

The yield curve is a harbinger, not the be-all, end-all for lenders.

May 02, 2024
UWM, UMortgage Under Attack For Alleged Shell Scheme

A report released on April 25 by the hedge-funded media company alleges UWM set up a shell company, UMortgage.

Apr 25, 2024