| Mortgage fraud may continue to plague the
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| | misrepresentation of this information
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| real estate industry. Maybe, I am seeing
| |
| | contained in this application may result
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| only the 20% Fraud for Property/Housing,
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| | in civil liability, including monetary
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| as defined by The Federal Bureau of
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| | damages, to any person who may suffer any
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| Investigations.Reasons why mortgage fraud
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| | loss due to reliance upon any
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| may continue:1) The escalating cost of
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| | misrepresentation that I have made on
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| housing and the "American Dream" of
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| | this application, and/or in criminal
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| owning your own home.2) Licensing for
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| | penalties including, but not limited to,
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| real estate agents and mortgage brokers
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| | fine or imprisonment or both under the
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| is much too easy. The requirements for
| |
| | provisions of Title 18, United States
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| licensing need to require a greater level
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| | Code, Sec. 1001, et seq.;...7) the Lender
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| of education, more than a high school
| |
| | and its agents, brokers, insurers,
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| degree as a prerequisite for licensing
| |
| | servicers, successors and assigns may
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| and harder licensing requirements, such
| |
| | continuously rely on the information
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| as more pre-licensing education and
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| | contained in the application, and I am
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| harder tests. This will result in better
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| | obligated to amend and/or supplement the
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| people and less people entering the real
| |
| | information provided in this application
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| estate profession.3) Lenders need to
| |
| | if any of the material facts that I have
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| offer less loan programs, for example,
| |
| | represented herein should change prior to
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| stated income loans (some refer to this
| |
| | closing of the Loan;..."7) Enforcement of
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| as inflated income loans) and no doc (no
| |
| | the paragraphs from the typical mortgage,
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| documentation loans).4) Most lenders
| |
| | which reference the borrower's loan
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| require an IRS (Internal Revenue Service)
| |
| | application and acceleration clauses:
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| Form 4506 at time of closing. Now, there
| |
| | Borrower's Loan Application. Borrower
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| is something that an underwriter or
| |
| | shall be in default if, during the Loan
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| lender can request information and stop
| |
| | application process, Borrower or any
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| an inflated (aka stated) income mortgage
| |
| | persons or entities acting at the
|
| application dead in its tracks. If they
| |
| | direction of the Borrower or with
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| lie on their income tax return, is it
| |
| | Borrower's knowledge or consent gave
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| possible that they would lie on their
| |
| | materially false, misleading, or
|
| mortgage application?5) Lack of
| |
| | inaccurate information or statements to
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| educational programs in the real estate
| |
| | the Lender (or failed to provide Lender
|
| profession to identify mortgage fraud -
| |
| | with material information) in connection
|
| could be wishful thinking, due to the
| |
| | with the Loan. Material representations
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| Privacy Act - but at least a start. Where
| |
| | include, but are not limited to,
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| to report suspected mortgage fraud
| |
| | representations concerning Borrower's
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| situations to the appropriate law
| |
| | occupancy of the Property as Borrower's
|
| enforcement authorities.6) The credit
| |
| | principal residence.
|
| reporting and scoring system needs an
| |
| | Acceleration; Remedies. Lender shall
|
| overhaul. Too often, I find errors on
| |
| | give notice to Borrower prior to
|
| credit reports, where the creditor is not
| |
| | acceleration following Borrower's breach
|
| reporting timely or accurately
| |
| | of any covenant or agreement in this
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| information. For example, a customer
| |
| | Security Instrument...(d) that failure to
|
| settled in full his collection action in
| |
| | cure the default on or before the date
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| the later part of February '06. The
| |
| | specified in the notice may result in
|
| collection agency in the later part of
| |
| | acceleration of the sums secured by this
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| April is still showing a portion of the
| |
| | Security Instrument, foreclosure by
|
| account as outstanding with a current
| |
| | judicial proceeding and sale of the
|
| date. Yes, they reported the payment, but
| |
| | Property.8) Better and possibly required
|
| did not remove the negotiated portion of
| |
| | education of prospective borrowers, so
|
| the balance.7) Lack of control points
| |
| | they can recognize the impact and
|
| within the existing system.What could
| |
| | identify situations.Implementation of
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| possibly be done to reduce the mortgage
| |
| | number 6 above will send shock waves into
|
| fraud:1) More checks and balances within
| |
| | the communities and cause the less
|
| the system to identify potential mortgage
| |
| | desirable professionals out of business
|
| fraud situations.2) More education for
| |
| | and awareness to borrowers. Many may
|
| all real estate professionals - real
| |
| | argue that this will be costly to the
|
| estate agents, REALTORS, underwriters,
| |
| | overall economy or lenders if foreclosure
|
| lenders, etc.3) Greater licensing
| |
| | proceedings are needed, but in the long
|
| requirements for all. And licensing
| |
| | run there could considerable savings for
|
| requirements where no licensing is
| |
| | all.In summary, mortgage fraud may
|
| required at this time.4) Implementation
| |
| | continue, until such time that the losses
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| of a "whistle blower" protection system
| |
| | reach greater levels unless there is a
|
| and telephone hotline.5) Proactive
| |
| | proactive preventative overall program to
|
| preventative action on the part of
| |
| | curb it. Old country saying "you don't
|
| lenders.6) Enforcement of Section IX -
| |
| | close the gate after the horse leaves the
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| "ACKNOWLEDGEMENT AND AGREEMENT" located
| |
| | corral."(c) Copyright 2006, Glenn M.
|
| on page 3 of the Uniform Residential Loan
| |
| | Ginsburg. All rights reserved.Glenn
|
| Application (FNMA 1003):
| |
| | Ginsburg is a Florida Licensed Real
|
| "Each of the undersigned specifically
| |
| | Estate Broker and Mortgage Broker in the
|
| represents to Lender and to Lender's
| |
| | Naples real estate market for over 10
|
| actual or potential agents, brokers,
| |
| | years. Also serving the Bonita Springs
|
| processors, attorneys, insurers,
| |
| | real estate and Estero real estate
|
| servicers, successors and assigns and
| |
| | markets in southwest Florida. Glenn was
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| agrees and acknowledges that: (1) the
| |
| | selected as a 2006 FIVE STAR Real Estate
|
| information provided in this application
| |
| | Agent "Best in Client Satisfaction" from
|
| is true and correct as of the date set
| |
| | over 12,000 real estate agents in
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| forth opposite my signature and that any
| |
| | southwest Florida. He is the owner/broker
|
| intentional or negligent
| |
| | of A Delta Realty of Naples Florida.
|
