Freddie Mac: How to avoid mortgage fraud
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The nation’s largest mortgage company may finally be bending to public pressure. A St. Paul homeowner has scored a pair of victories against Freddie Mac that have allowed her to stay in her.
Here are a 3 suggestions on how to avoid mortgage fraud, for the full story, visit her blog on freddie mac. 1. mortgage application. First, never sign a mortgage application until you are certain the blanks are filled in correctly. Freddie Mac is the co-chair of the loan modification scam prevention network that is working with the new Financial Fraud Enforcement Task Force and others to track and prosecute mortgage fraud.
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According to the Department of Justice, Shauna Sutherland pleaded guilty this week to one count of wire fraud related to the scheme. As part of her plea agreement, Sutherland admitted to defrauding.
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Here are a 3 suggestions on how to avoid mortgage fraud, for the full story, visit her blog on Freddie Mac. 1. Mortgage application First, never sign a mortgage application until you are certain the blanks are filled in correctly.
Freddie Mac recognizes different categories of mortgage fraud including fraud for housing and fraud for profit. Fraud for housing To achieve this, the borrower’s income and/or assets will typically be inflated and further supported by false documentation pertaining to those particular sections in the mortgage application.
Freddie Mac does not endorse any particular vendor or website, but you may find some of these resources helpful in your fraud prevention and detection efforts. Investigative Resources
In the video, Freddie Mac identifies several "red flags" that consumer should be on the lookout for, including: Being told to exaggerate your income, assets, credit, or provide false.
Seller/servicers must have procedures for reporting fraud or possible fraud in connection with a mortgage sold to, or serviced for, Freddie Mac and discovered at any time, including, but not limited to, during origination, quality control reviews, servicing activities, or loss mitigation.