This report from the Miami Herald is hardly surprising to anyone who has been following South Florida real estate: "For the second consecutive year, Florida ranked No. 1 in the country for mortgage fraud, as the stalled housing market quickly pushed both prevaricating borrowers and seasoned criminals into foreclosure."
"Lenders reported more than twice the number of suspected fraud cases in Florida than would otherwise be considered average, based on the number of loans originated here in 2007, according to a report Thursday by the Mortgage Asset Research Institute and an industry group of the nation's biggest lenders."
"The fallout is showing up in state's historic foreclosure rates. The report notes that fraud and delinquency rates are closely linked, as borrowers who may have lied to qualify for a home loan find themselves unable to make their monthly payments and criminals abandon properties after they have skimmed the proceeds of illegal mortgage transactions."
Florida also ranked second in the number of new foreclosures filed in the last three months of last year, and third in the total number of loans in foreclosure at the end of 2007, the Mortgage Bankers Association reported.
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LenderPolice.com seems to have taken care of the mortgage lender loan fraud problem for Borrowers, Closing Agents, Mortgage Lenders, and Real Estate Agents.
Always use Lender Police after you apply for a mortgage loan. They’ll tell you if your lender is giving you a good deal or not in one of two ways. You can purchase a good faith estimate review for $99 that will tell you if the interest rate, points, fees, and rebates you’re being charged is appropriate for your situation. The loan document review for $199 verifies that the loan documents that you’re signing are for the same loan that you were quoted and your lender didn’t slip in any extra points, fees, pre-payment penalties, or is receiving a lender rebate for selling you a higher interest rate than you qualify for.
A mortgage loan evaluation from Lender Police is the only way to guarantee your lender isn’t trying to rip you off.
Wow, a shameless shill for "lender police", and less than a year later, website is GONE! LOL!
Must've been a side biz for one of our "favorite" NAR/Lereah shills...
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