Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies.
Lenders will be held accountable for the actions of the third-party service providers they select. Will they be held responsible for the actions of fourth-party service providers — couriers, telecom providers and even cleaning services — as well?