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Tag Archives: Mortgage Fraud

Mortgage Fraudsters Ease Up in Q2

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As interest rates continue to lower and home values rise, mortgage fraud application risk has fallen 8.9 percent from the second quarter of 2014 to the second quarter of 2015, according to CoreLogic's October 2015 Mortgage Fraud Report. The Mortgage Application Fraud Risk Index showed that approximately 12,814 of mortgage applications, or 0.67 percent, contained fraud in the second quarter of 2015.

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Opposition Filed to BofA’s Appeal to Dismiss $1.27 Billion Mortgage Fraud Verdict

The U.S. government has filed an opposition to Bank of America's appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports. Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae andFreddie Mac before the crisis.

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Mortgage Fraud Risk Continues Downslide

Based on an analysis of loan applications passing through its own fraud detection technology, Interthinx said Tuesday that its national Mortgage Fraud Risk Index measured 98 in Q3 2014, down 2 percent from the quarter prior and 9 percent from the year-ago period.

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Fraud Risk Grows as HELOC Lending Rises

Property data firm CoreLogic reported that both the sources and frequency of mortgage fraud have transitioned from an alarming level after the crisis to a more "normal" state. There is one exception, however: Home equity lines of credit (HELOCs), which have seen fraud risk rise along with demand for loans over the past year and a half.

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New York Lender Settles Over Mortgage Fraud Suit

The Great Neck, New York-based Golden First agreed to pay $36 million to settle a complaint originally filed by the United States in April 2013 and amended in August 2013. In the complaint, the government accuses Golden First of violating the False Claims Act through years of misconduct relating to the mortgage company's participation in the Federal Housing Administration (FHA)'s Direct Endorsement Lender Program.

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Mortgage Application Fraud Continues to Climb

In its annual analysis of mortgage fraud across the country, LexisNexis Risk Solutions found 74 percent of mortgages submitted to its Mortgage Industry Data Exchange last year involved some sort of fraud or misrepresentation on the application. That figure compares to 69 percent in 2012 and 61 percent in 2011.

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Mortgage Fraud Risk Continues to Climb

CoreLogic's latest Mortgage Fraud Report, released Tuesday, shows a 3.2 percent year-over-year increase in fraud risk among mortgages in the United States in the second quarter of 2014, as measured by the company's Mortgage Application Fraud Risk Index. The report also showed that in Q2 2014, mortgage applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentation.

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Maryland Woman Convicted in Mortgage Fraud Case

A jury has convicted Maryland woman Annika Boas for her role in a residential mortgage fraud scheme. According to an announcement from U.S. Attorney Rod Rosenstein, Boas stood accused of working with other defendants to falsify or steal identity documents to secure residential mortgage loans.

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New York Man Indicted for $146M Real Estate Fraud Scheme

Selim Zherka, a resident of Somers, New York, was arrested by federal agents on Thursday and charged with falsifying information to obtain loans totaling more than $146 million from three banks: North Fork Bank (now Capital One), Sovereign Bank (now Santander), and Signature Bank, according to an announcement from the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

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