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Turning the Tide

Part 2 of a 2-part interview (Part 1: Insider Fraud Bigger Problem Than Consumer)

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

March 9, 2007

 

In part two of our industry roundtable at the SourceMedia Mortgage Fraud Conference, I asked the group (Cheryl Howe, senior vice president, quality control, Aurora Loan Services; Dan Thoms, senior vice president, strategic initiatives, AllRegs; Harry Dinham, president, National Association of Mortgage Brokers; and Jeff Taylor, managing partner, Digital Risk) how long it would take to turn the tide against the explosion of fraud in the mortgage business. I was surprised at some of the answers, especially Mr. Dinham's prediction of five to ten years. Meanwhile, we've made this our current survey question, so please weigh in on the left with a yea or nay on whether three years will be enough to turn the tide!

 

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.

 

MARK: We heard the numbers from the FBI that losses from mortgage fraud topped $1 billion for the first time in 2005, which was a doubling from 2004. When do you see that turning around, reversing and going down? One year? Two years? Ten years?

HARRY: Until there is a perceived deterrent out there, then you are not going to able to turn the tide on this one. Right now there are people out there that are really brazen. They just don't care and they go from place to place. Until we find some way to catch them, until we get some kind of consistency in licensing and registration, we're going to continue to have a problem with this. I see at least five to 10 years down the road to get it turned around.

... Full Story