Magazine article Mortgage Banking

MBA, FBI Extend Partnership to Combat Mortgage Fraud

Magazine article Mortgage Banking

MBA, FBI Extend Partnership to Combat Mortgage Fraud

Article excerpt

The Federal Bureau of Investigation (FBI) and the Mortgage Bankers Association (MBA) have taken another step forward together in their partnership to combat the crime of mortgage fraud against lenders.

MBA Chairman John M. Robbins, CMB, and FBI Financial Crimes Section Chief Karen E. Spangenberg signed a memorandum of agreement at the MBA National Fraud Issues Conference in San Diego in March, which pledges the two organizations will work together to promote the FBI's Mortgage Fraud Warning Notice.

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"Fraud against lenders is a growing problem that hurts everyone throughout the mortgage process, from the lenders themselves through the brokers and appraisers, to the consumers and the communities we invest in," said Robbins. "Fraud is costing lenders billions of dollars each year, and I want to thank the officials at the FBI for joining us in this partnership to give us another tool in the fight to stop fraud against mortgage lenders."

The FBI's Mortgage Fraud Warning Notice states that it is a federal crime for any person to make a false statement regarding income, assets, debt or matters of identification or to willfully overvalue any land or property in an effort to influence the action of a financial institution. …

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