Mortgage fraud is still on the rise and New York isn’t dodging the bullet in the crisis. New York came in as the second worst state for mortgage fraud in 2009, according to the Mortgage Asset Research Institute. Mortgage fraud helped to build the housing crisis. Mortgage professionals would get loans for their consumers by doing such things as listing false income claims for borrowers and overstating a home’s appraised value. New York came in as second worst in 2009 for mortgage fraud, with a mortgage fraud index reading of 217, up 14% since 2008.
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A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.
Don’t miss this opportunity to hear from the industry’s top originators on how to look beyond recruiting and win in the battle of retaining top talent.