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Mortgage Fraud Prevention Education

(EMAILWIRE.COM, December 21, 2006 ) Detroit, Michigan, --“We at educate based on a philosophy that mortgage fraud can be stopped one transaction at a time with proper prevention tools and education”. The new web-based Mortgage Fraud Prevention Certification & Awareness Online Course can be accessed 24/7 from anywhere in the world. Users can expect Current up to date “Mortgage Fraud” course content, The course contains online exams and quizzes which supports this powerful learning system. It automatically generates certificates for passing final exam All courses, content, exams, etc. are password protected and require registration for access Question and Discussion forums, Registration system supports credit card transactions Continuing Education Credits are available for some states with more states being approved monthly. “The average homeowner does not know that 7500-10,000 new loan applications every business day has some type of mortgage fraud involved. We have 2 main types of mortgage fraud, Soft Fraud and Hard Fraud.” Says Michael S. Richardson author of “An American Epidemic, Mortgage Fraud a Serious Business”. The FBI also has stated that about 80% of the fraud committed in these loans is done by insiders of the industry. The fraud rings operating around the country can involve one or all of the following people, your loan officer, real estate agent, title or closing agent, the appraiser and yes the homeowner as a victim. These fraudsters are very convincing using words like “This is done all the time”, “No one will ever catch us”, “and we have never had a problem closing this type of loan before”. “These are the people that you need to beware of” says Richardson. The homeowner needs to make sure that they understand the terms of the mortgage applied for and more importantly approved for. Be sure to bring all your original loan information with you to the closing so that you can compare the list of loan terms, the loan type and the interest rate information on that you had applied for is what you are signing. You should want to always have a chance to review your HUD 1 settlement statement prior to attending the closing and at the same time confirm with the closing agent what your interest rate and loan terms are before driving to the closing. This will allow you to review the closing figures and confirm your interest rate without the pressure you have at the closing table to complete the transaction. You should insist on this even if it means delaying the closing for a day. The fraudsters have a strong way of pressuring you to close and they will take care of it later. Do not do this as you cannot reverse the transaction after the closing and funding of your loan, no matter what anyone tells you. You need to make sure the name, address and social security number, credit, and employer on your application is all yours and matches the original loan application. If anything has been changed in the documents, or any of the information used to approve your loan is not you’re while you are at the closing table you should have the closing delayed and refuse to sign until you can have the information corrected. If you were to sign these documents with incorrect information you could be considered one of the fraudsters. These types of closing have also happened where the fraudsters have taken ownership of your home without you realizing it until months later when you are being evicted from your home. You should never sign any loan documents that contain blanks. The closing agent should not be notarizing your closing documents if there are blanks. If your documents have blanks you susceptible to mortgage fraud and if the other people at the closing table are encouraging you to sign anyway, walk away from the closing. You need to make sure you know what you're signing. The closing agent or notary’s role is to be an impartial, third-party witness. They know very little about the details of your loan and most will not be able to answer questions related to the specifics of your loan closing package. If you have any concerns about your loan, these should be clarified with your loan officer or someone you can trust before you sign any your documents. Also make sure to work only with a closing agent and notary who can communicate directly with you in your own language. A lot of mortgage fraud has occurred when the borrower has been dependent on an interpreter who may have a motive for misrepresenting the document during the translation. Also need to make sure you and your closing agent and notary are in the same room at the same time when the document is being signed Some of the most misunderstood loan and terms have been the 2/28 Arms and the Option Arms. You need to understand there are no 1 ½% loans, these loans are promoted at this rate but in most cases the 1 ½% will only be for the 30 to 90 days and will then adjust to a much higher rate. The 1 ½% rates is a teaser rate to get the phone to ring and the mortgage companies can post larger profits immediately when they close on these types of loans. Remember ARM stands for Adjustable Rate Mortgage, so your interest rate will definitely change at some point. You just need to ask questions until you are clear about the terms of your loan and what happens when your ARM interest rate adjusts. Unfortunately the “Fraudsters” have many schemes to get your money and or home equity, the fraud schemes are called, property flipping, equity skimming, appraisal fraud, stolen deeds, straw buyers and more. If someone approaches to have you apply for a loan to buy a investment home promising you will make money just to go to closing or even get you a big check after the closing, then the they will pay you money monthly while they rent the house, since they will manage property and need to control the money, buyer beware, really beware! They are using you as a “Straw Buyer” for their fraud scheme. In most of these fraud schemes you will never see the money, you will owe the mortgage, but not own the property as the fraudsters will have you quit claim ownership somehow, and they will ruin your credit along the way. You need to understand and read the details, if you do not understand the explanation given by the loan officer, then call someone else and get a second explanation if you do not understand. If it seems too good to believe than it most likely is, keep asking until you understand, please! All homeowners need to realize that the “Fraudsters” and all of the fraud schemes have only one concern is to take away your home, your home equity and it they will ruin your credit along the way. We can stop mortgage fraud one transaction with education and awareness! If you the homeowner refuse to sign the closing papers on the suspicious home loan transactions, then you have done your part to prevent mortgage fraud! After all it is your home, your equity and your credit that you are protecting. About Headquartered in Denver, Co. is a leading educator of real estate fraud prevention solutions in the United States of America. Mortgage and Real Estate transaction clients nationally have benefited from their on suite of educational fraud prevention services. The company's core offerings include the book “ An American Epidemic, Mortgage Fraud a Serious Business”, a total guide for all Managers, Originators, Processors & Assistants, great for all New & Experienced Mortgage & Real Estate Professionals, Fraud Solutions Classroom Workshops, Webinar Training for Loan officers, real estate agents, operational staff and compliance personnel, Forensic Loan File Review 3rd Party full forensic review, provides a full file review documenting mortgage fraud findings and as well as provide additional documentation and verifications, Written Mortgage Fraud Opinion Review mortgage fraud files and prepare a package for management decision on how to move the fraud case to the next level, civilly criminally or both. The files are compiled and completed to be sufficient for decisions of legal filings or loss recovery actions, Hearing Testimony 3rd Party fraud expert to review mortgage fraud cases, assist to prepare for, present trial or regulatory testimony for meetings and hearings. For additional information visit, or contact at 303-238-6200 Ext 105. Contact: Michael S. Richardson303-238-6200
Michael Richardson

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