Mortgage Fraud Presentation

Loading...

Flash Player 9 (or above) is needed to view presentations.
We have detected that you do not have it on your computer. To install it, go here.

1 comments

Comments 1 - 1 of 1 previous next Post a comment

Post a comment
Embed Video
Edit your comment Cancel

3 Favorites & 1 Group

Mortgage Fraud Presentation - Presentation Transcript

    • Mortgage Fraud: Causes and Consequences
    Presented by Ed Rybczynski
  1.  
  2. Fiduciary: Someone who is legally obligated to place the interests of someone else ahead of his or her own. Federal prosecutors used the word often .
  3. Accountability:
    • You can’t say that you didn’t know .
    • You can’t say that you didn’t understand .
    • You can’t say that you can’t remember .
    • “It is a crime to knowingly make false
    • statements to the United States on this
    • or any other similar form. Penalties
    • upon conviction can include a fine and
    • imprisonment.”
    Warning on Hud 1:
    • Visible arrest at
    • home or office
    • Much harsher
    • sentence
    • Mid security
    • facility
  4.  
  5. Signs:
    • A new source of business appears.
  6. Signs:
    • A new source of business appears.
    • You start to feel uncomfortable.
    • US Attorney, State of Michigan:
    • The mortgage lending process
    • depends on the honesty of brokers,
    • appraisers, and real estate agencies.
    • When this process is corrupted by a
    • team of fraudsters … the result will be
    • federal prosecution.
    • Mortgage Fraud:
    • Failure to disclose
    • ANYTHING to the
    • lender!
  7. Best Practices:
    • Credibility
    • Reputation
    • Fraud prevention
    • Litigation avoidance
    Class Action
  8. The above image was copied from the company’s website. Mortgage Bankers, Ltd. was indicted by a federal grand jury in February, 2007.
    • Did You
    • Know
    Facts about mortgage fraud and foreclosure rates
    • Subprime mortgages account
    • for about 14% of all
    • first lien mortgages, but …
    • … accounted for
    • 50% of foreclosures
    • 4th quarter of 2006 .
    • There's a direct correlation
    • between the fees and points
    • charged by a mortgage broker
    • and …
    • … the incidence of
    • misrepresentation
    • in a loan package.
    • A mortgage is 5 X more
    • likely to default in the
    • first 6 months if …
    • … it’s application contains
    • misrepresentations .
    • The probability of default
    • for a subprime loan is ...
    • … 6 X that
    • for a prime loan.
    • It's estimated that mortgage
    • fraud losses for 2006
    • will reach ...
    • … $4.2 Billion.
    • In 2006, mortgage fraud
    • was 10 X more
    • pervasive than …
    • … credit card fraud.
    • Foreclosure rates
    • climbed 35%
    • in 2006!
    • It’s a bitter pill
    • to swallow!
  9. California Florida Georgia Illinois Indiana Michigan New York Ohio Texas Utah Mortgage Fraud Hot Spots 2006 per FBI
    • Captured
    • Nov 16, 2006
    Matthew Cox
    • CONSUMERS
    Do they know enough to commit fraud without coaching from an industry insider?
  10. Survey results:
    • 55 percent of professional
    • appraisers surveyed reported
    • feeling pressured to inflate property
    • values by real estate agents and
    • loan officers.
    October Research (2003)
  11. Survey results:
    • 90 percent of professional
    • appraisers surveyed reported
    • feeling pressured to inflate property values to levels to make deals work.
    October Research (2006)
    • In the 2006 study, 75 percent of the appraisers surveyed reported threats of “ negative ramifications ” for lack of cooperation.

+ Ed RybczynskiEd Rybczynski, 3 years ago

custom

5331 views, 3 favs, 5 embeds more stats

Mortgage Fraud: Causes and Consequences

More info about this document

© All Rights Reserved

Go to text version

  • Total Views 5331
    • 5205 on SlideShare
    • 126 from embeds
  • Comments 1
  • Favorites 3
  • Downloads 193
Most viewed embeds
  • 121 views on http://mortgagefraudforum.squarespace.com
  • 2 views on http://moxiepublishing.blogspot.com
  • 1 views on http://www.feedblitz.com
  • 1 views on http://www.slideshare.net
  • 1 views on http://www.carinsuranceinstant.com

more

All embeds
  • 121 views on http://mortgagefraudforum.squarespace.com
  • 2 views on http://moxiepublishing.blogspot.com
  • 1 views on http://www.feedblitz.com
  • 1 views on http://www.slideshare.net
  • 1 views on http://www.carinsuranceinstant.com

less

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate. If needed, use the feedback form to let us know more details.

Cancel
File a copyright complaint
Having problems? Go to our helpdesk?

Categories

Groups / Events