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What You Need to Know

By Mark Fogarty, National Mortgage News Online > Compliance and Fraud

February 2, 2007

Welcome to SourceMedia's new weekly Fraud and Compliance Report! Each week on Wednesday we will be bringing you what you need to know in this hottest of all mortgage niches.

Why have we started a dedicated newsletter on this topic? With the explosion of mortgage fraud in the past couple of years there is even more need to monitor fraud, risk management, and compliance.

Wednesday, March 7, 2007

Grand jury indicts Plano man with mail fraud and making false statements in used car sales

By Pegasus News wire

 

A federal grand jury in Dallas indicted Massoud Mortazavi-Koupai of Plano with six counts of mail fraud and three counts of making a false statement on transfer of a used motor vehicle, related to a fraudulent scheme which included concealing structural damage and odometer discrepancies. It is anticipated that Mortazavi-Koupai, 46, will surrender to federal authorities and then appear before a U.S. magistrate judge.

 

Just a few weeks ago I chaired the SM Mortgage Fraud Conference and tried to frame the problem to the industry.

In 2005, an ominous milestone was passed in the home loan business. According to the Federal Bureau of Investigation, mortgage fraud losses passed $1 billion for the first time, doubling from the year before.

LIAR LOANS

Whether it's borrower fibbing on stated income mortgages or loan officers fudging income higher to qualify a borrower, or more sophisticated chicanery including loan flips, appraisers and title officers, mortgage fraud is on everyone's lips these days.

... Full Story