Colli Real Estate

Constitue mortgage fraud?

If an unlicensed loan officer (3rd party) own a home based business processing loans for home and uses false credit references from family and friends employed at legitimate businesses, would this be mortgage fraud? Why does it matter, if it does matter, that the poeple have or have not lost their homes to foreclosure? Does it matter if the loans are for illegal immigrants? and why do you think the FBI doesn’t take these types of cases seriously in their investigation of mortgage fraud?

The FBI investigates mortgage fraud in two distinct areas: Fraud for Profit and Fraud for Housing. Fraud for Profit is sometimes referred to as “Industry Insider Fraud” and the motive is to revolve equity, falsely inflate the value of the property, or issue loans based on fictitious properties. Based on existing investigations and mortgage fraud reporting, 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders. Fraud for Housing represents illegal actions perpetrated solely by the borrower. The simple motive behind this fraud is to acquire and maintain ownership of a house under false pretenses. This type of fraud is typified by a borrower who makes misrepresentations regarding his income or employment history to qualify for a loan.

The FBI will investigate this loan officer, the law states all loan officers must be licenced to practise origination. What the borrower is doing is illegal. The loan officer has a moral obligation to stop them from doing it. He’s aiding and abetting their fraudulent activities. To report your claim contact your local FBI office and ask them how to properly report Mortgage Fraud. Their website is: http://www.fbi.gov/contactus.htm. I don’t think they are not investigating it, if you have already reported this loan officer, but that their work load is heavy right now due to homeland security measures.

Believe me someone will eventually investigate the loan officer. What he’s doing is a federal offence. It’s probably not the first time he’s done this either. You have a duty to report what you know about the crime. Someones got to stop him before it’s too late. Mortgage Fraud eventually causes grief to all. It becomes more and more difficult to obtain approval for loans, and more hurdles are thrown in the way of honest credit worthy borrowers because of it.

Good Luck!

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