California Real Estate Fraud Report

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12
Jul

New Fraud Program at Freddie Mac Gets Results

Better late than never . . .

Since Freddie Mac added a new chapter to its Seller / Servicer Guide about two and a half years ago, reports from lender about potential mortgage fraud are up significantly.

Joan Ferenczy,Vice President, Financial Instrument Fraud Officer at Freddie Mac says that the new Chapter 7 of the Guide is entitled “Mortgage Fraud Detection, Prevention and Reporting.” Providing regular fraud reports to the agency is now a contractual obligation of the lenders. One of the requirements, which is a red flag for mortgage fraud, is reporting instances where the first payment was not made – a default from the start.

The hotline number to report mortgage fraud on a Freddie Mac-backed loan is 1-800-4FRAUD-8.

Read the original article on Executive Perspectives Blog.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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