“It ain’t over ’til it’s over.”
Except in mortgages. Understanding the entire mortgage process will help you understand how all mortgage fraud is eventually uncovered. General perception is that the mortgage process is over once the borrower has left the attorney’s office. Nothing could be farther from the truth.
Mortgage brokers, loan originators, loan officers, and attorneys all have a fiduciary responsibility to protect the future assets of the holders and servicers of mortgage loan note. I say future because, chances are, the loan note will be sold at least once during the life of the loan if not several times. This responsibility is also enforced, when needed, by civil and legal penalties. This is why you hear about brokers, attorneys, appraisers, and even borrowers being charged with mortgage fraud. What you may not realize is those charges may come months or even years after the loan has closed.
FBI estimates state that 10-15% off all mortgages include fraudulent statements ? material misrepresentations. A large number of these
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