I was just perusing Fannie Mae's website reading about fraud cases. It's pretty scary what some people were out there doing. You think Bernie Madoff is bad - there's some equally bad mortgage brokers out there. That's why it's important to deal with someone trustworty like ME.
I wanted to pass along to you that from 2007 to 2008, Minnesota was ranked #1 in increased loan fraud. It increased 435%. That's a whole lot!!!
I complain a lot about all the extra hoops we have to jump through, and how picky underwriting is, but it's very understandable.
I was talking to another lender who does a lot in Illinois. One of their underwriters was reviewing an appraisal. She thought some of the furnutire and decor looked a little like she'd seen it before. These people were going into vacant houses, fixing up the rooms that require photos in the appraisal, bringing in the same furniture and furhishings, taking photos then moving the stuff to the next house. Faking appraisals and entire deals. They just happened to be unlucky enough to get the same underwriter who reviewed appraisals thouroughly and caught them. Then uncovered a huge fraud ring.
Some just have to ruin it for everyone!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment