Mortgage Fraud: $4 Billion and Rising
The FBI's estimate that mortgage fraud costs lenders $1.2 billion a year is off the market by more than $3 billion. And others say the cost could be even higher. Lew Sichelman takes a look at the numbers and the scams behind them. Full Story: Fraud: $4 Billion and Rising
From my perspective, the article is refreshing in that it does not lay all the blame for the current level of mortgage fraud at the feet of the lending or appraisal industry.
Ronald Frazier, president of LSI, and Arthur Prieston, chairman of the Prieston Group, give their thoughs on the causes of the unprecidented rise in mortgage fraud by title companies, commissioned loan officers, builders, and scammers.
Click here for the full story: Fraud: $4 Billion and Rising
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