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Industry Needs Regulators, Transparency to Combat Fraud

By James Comtois, National Mortgage News Online > Compliance and Fraud

March 14, 2007

 

As the secondary, subprime and nontraditional mortgage lending markets have grown, there is an increased need for consumer protection against fraud, which makes the role of state mortgage regulators and the need for industry transparency and continuity increasingly important.

 

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.

 

“The industry is at a crossroads and the rise in mortgage fraud may simply be a byproduct of this change. State regulators are increasingly important,” said Tim Doyle, vice president at the Conference of State Bank Supervisors, who spoke at the MBA’s National Fraud Issues Conference in San Diego.

In the conference session entitled “State Regulations: The Changing Mortgage Fraud Environment,” Mr. Doyle pointed out that the number of states with mortgage licensing requirements has grown to 49 in 2006 (all but Alaska) from 18 in 1993. He added that 50%-70% or more of all mortgage loans originated by brokers or state-licensed lenders and that 70% of bank mortgages come from third-party originators.

... Full Story