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Article: Fraudgate.
- Article from:
- Mortgage Banking
- Article date:
- November 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mortgage scam operators have creative new ways of doing their deeds. But lenders are finding new ways to defend themselves. Better prevention tools are helping tie the hands of at least some of the crooks--some of the time.
FRAUD IS THE MONICA LEWINSKY OF THE MORTGAGE BANKING WORLD--something you keep hearing about over and over, in lurid detail, and pray never happens in your office.
It's not just occurring in offices. Take the case of the 8-year-old Southern California girl whose uncle stole her identity and took it online, where he applied for and received four mortgages using alternative credit sources. Stealing an identity from someone you know is ...