Lenders are using a variety of tools to prevent mortgage fraud Borrowers considering inflating their income, even just a tad, checking the box to indicate they plan to live in the home when they’re not, or exaggerating their job description better think twice. Lenders are turning to websites and other tools to help ... [Read More]
Lenders are using a variety of tools to prevent mortgage fraud
Borrowers considering inflating their income, even just a tad, checking the box to indicate they plan to live in the home when they’re not, or exaggerating their job description better think twice. Lenders are turning to websites and other tools to help nab fraudulent borrowers and perjurers looking to bilk lenders out of hundreds of thousands of dollars.
Making sense of the story
During the height of the market, borrowers could get away with lying about their income, debt obligations, and the like to obtain financing. But not anymore. According to a representative from the Mortgage Bankers Association, there are “more fraud checks than ever, and it’s on every loan, not just a sample.”
More important, perhaps, the focus now is on preventing fraud rather than dealing with it after the fact.
Sometimes the fraud check is as simple as a quick call to the customer right before the loan is closed to verify information supplied on the loan application. Such a call to an otherwise unsuspecting borrower can sometimes uncover a lie perpetrated by a corrupt loan officer who’s in it for the commission – or more.
In other cases, lenders are using sophisticated databanks to spot fraudsters. One website, for example, provides salary data on various industry positions so the lender can determine if the borrower is overstating his income.
Another site provides historical wage data, and yet another checks the information supplied by self-employed borrowers, including whether the borrower’s company exists, who the principals are, the number of employees, and the annual revenue.
There are also sites that will tell lenders where there are judgments against the borrower or liens against other properties the borrower might own.
Read More from Los Angeles Times Real Estate
Stockton Real Estate – Dave Thurman
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Stockton Real Estate – Dave Thurman
C.A.R. Newsline is a weekly e-newsletter covering vital industry information including economic reports, legislative developments, and new real estate products and service. Asking prices on for-sale homes rose 0.5 percent in April compared with March on seasonally adjusted basis, according to the latest report by Trulia’s Price Monitor. Together with increases in March and February, ... [Read More]
C.A.R. Newsline is a weekly e-newsletter covering vital industry information including economic reports, legislative developments, and new real estate products and service.
Asking prices on for-sale homes rose 0.5 percent in April compared with March on seasonally adjusted basis, according to the latest report by Trulia’s Price Monitor. Together with increases in March and February, asking prices in April rose nationally 1.9 percent quarter over quarter, seasonally adjusted.
Within the largest metro areas, asking prices rose year on year in some neighborhoods, but fell in others. Rents, however, rose in nearly all parts of these major metropolitan areas.
In Los Angeles, asking prices increased only in the downtown area. Prices fell elsewhere throughout the region, most of all in Long Beach, where rents also fell.
In the San Francisco Bay Area, prices rose most in San Francisco and fell furthest in Alameda County.
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Prices of homes rise in S.J., state By The Record April 18, 2012 California home sales slipped in March, declining 4.5 percent from February, but prices were up 9.2 percent in the same month. “Tight inventory and robust home sales, particularly in the Bay Area, fueled the substantial increase in the March median home price,” ... [Read More]
Prices of homes rise in S.J., state
By The Record
April 18, 2012
California home sales slipped in March, declining 4.5 percent from February, but prices were up 9.2 percent in the same month.
“Tight inventory and robust home sales, particularly in the Bay Area, fueled the substantial increase in the March median home price,” said LeFrancis Arnold, president of the California Association of Realtors.
The statewide pattern was essentially flipped in Stockton, where existing home and condo sales jumped by 37 percent in March compared to February, but the median price increased by only 0.8 percent to $120,000.
However, compared with March 2011, Stockton home sales in March fell 10.6 percent while the median price gained 1.7 percent year over year.
Prices in Manteca fell in March but were up from a year earlier; prices in Tracy were up in March but virtually the same as the March 2011 median. Sales in both cities climbed in March but were roughly equal to March 2011 sales.
Statewide, the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, according to CAR figures. [Read More]
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