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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 www.mbaa.org.
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Jun 11, 2007
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