Mortgage fraud risk has risen substantially in recent years as refinance activity has dried up for lenders.
New York State prosecutors have indicted former Trump campaign chairman Paul Manafort on residential mortgage fraud charges.
What is mortgage fraud? The Federal Bureau of Investigations defines mortgage fraud as “some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan, which is then relied upon by a lender.” It can be perpetrated by prospective borrowers and housing industry workers alike.“Fraud happens a lot of times because somebody’s desperate,” Fulmer said.
“There’s no damage until there’s foreclosure,” Migdal said. “That’s when everything bubbles to the surface.” The rising risk of mortgage fraud is a major shift from roughly a decade ago when the financial crisis roiled the housing industry. Last May, for instance, Fannie Mae warned of a scam in Los Angeles, one of the most competitive housing markets in the country, which involved borrowers listing fake employers on loan applications. As Berg noted, this was a case where borrowers and industry professionals alike were likely involved.
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