Preventing, Detecting and Resolving Mortgage Fraud
Are your fraud prevention policies keeping pace with the market realities? As old fraud schemes resurface and new scams emerge, fraudsters continue to defraud consumers, as well as the banks themselves.
The turmoil created by mortgage fraud has cost the industry nearly billions of dollars in the last decade. Now banks are facing new challenges in light of U.S. v. Deutsche Bank, increased repurchase requests, and the countless red flags to watch for. Federal and state enforcement agencies are becoming more aggressive in their efforts to mitigate fraud. As new fraud schemes materialize and old scams become more sophisticated, it is crucial that you keep your prevention and detection practices in top shape.
Scammers are still targeting the industry despite more diligent efforts to fi nd and report the fraud. It is time for lenders to proactively assess risk and address the areas of concern. Industry players need to develop more communication in an effort to identify the fraudsters and fraud rings.
Take advantage of this unparalleled opportunity to network and develop contacts in an effort to mitigate fraud and a costly loss to your company.