Post on 08-Mar-2018
Confidential
MORTGAGE RADIO:MORTGAGE RADIO:
DETECTINGDETECTING FRAUDFRAUD
THURSDAY, APRIL 12, 2007THURSDAY, APRIL 12, 2007
CHERYL HOWECHERYL HOWE
2
SPOTTING IDENTITY THEFTSPOTTING IDENTITY THEFT
DOB on application to SSN issue dateDOB on application to SSN issue date
Hawk Alerts on a Credit ReportHawk Alerts on a Credit Report
Out of state Investment PropertiesOut of state Investment Properties
Multiple Property Purchased with no prior HistoryMultiple Property Purchased with no prior History
Conversation with Alleged BorrowerConversation with Alleged Borrower
3
RECENT SCAMSRECENT SCAMS
Foreclosure Rescue / Equity SkimmingForeclosure Rescue / Equity Skimming
Falsified Documentation (VODFalsified Documentation (VOD’’s on the increase)s on the increase)
Affinity FraudAffinity Fraud
Strawbuyers Who Were Not Paid as PromisedStrawbuyers Who Were Not Paid as Promised
Inflated Property Values and Investment Scams in Inflated Property Values and Investment Scams in UtahUtah
Condo Conversion with Large Seller ConcessionsCondo Conversion with Large Seller Concessions
4
5
6
7
8
9
10
11
12
13
14
15
16
17
DATA MININGDATA MINING
The production of reports which cause you to ask The production of reports which cause you to ask questions questions –– not reports which provide answers.not reports which provide answers.
Loan ChurningLoan Churning
High FICO High FICO –– Early DefaultEarly Default
Trends for same LTV, Same Loan Amount, Same Trends for same LTV, Same Loan Amount, Same Client and/or Loan OfficerClient and/or Loan Officer
Same comparable used consistently for collateral Same comparable used consistently for collateral valuationvaluation
Out of State Properties for Client and/or Loan Out of State Properties for Client and/or Loan OfficerOfficer
18
REVERIFICATION CONTACT INFORMATIONREVERIFICATION CONTACT INFORMATION
Will only do current VOD's. No reverifications done.816-931-8177JP Morgan Retirement
# for cashier check verification800-223-7520JP Morgan Chase Bankverbal verification800-525-3713Janus Capital Groupfax with authorization888-464-3220888-464-0727ING
Will no do any verifications due to Privacy P.800-975-4722HSBC Bank
By mail only with a $10 check. Response can be mailed or faxed back to us.
Fifth Third Bank, Attn: Verification of Deposit, Madisonville Operations Center, MD 1M0C3A, Cincinnati, OH 45263800-972-3030Fifth Third Bank
Will only verify if account exists.800-343-3548Fidelityverbal verification800-387-2331E-Trade24 hours256-532-6538800-239-4357Compass Bank10 days turn time- won't verify bank stmts
Citibank -VOD, Attn: FSOS, 100 Citibank Dr, San Antonio, TX 78245210-357-8249800-627-3999Citibank
Will only verify current balance by mail. Will not verify previous months statements800-435-4000Charles Schwab
Will not verify statements. Will only verify VOD's900-733-5150Bank One
2 business days900-733-5155800-432-1000Bank of AmericaCashier check verification800-217-4038Bank of America - Cashier checks
704-409-0605800-765-4949Banc of America Investment SvcBy mail only with $25 check.
AmSouth Bank, Credit Information, PO BOX 830805, Birmingham, AL 35283205-560-3133205-560-5616AmSouth Bank
3-5 business days757-670-4770800-421-0180American Funds- NYCOMMENTSADDRESSFAXPHONE NAME
19
REVERIFICATION CONTACT INFORMATIONREVERIFICATION CONTACT INFORMATION
By fax with authorization. 7-10 business days. Will only mail response back- no fax backs.630-654-2781800-823-2265TCF Bank
Will only verify by phone with the borrower on the line. No written authorization will suffice.800-786-8787Sun Trust Bank
334-517-3166800-734-4667Regions BankWill not do any verifications at all800-544-5445Primerica
Only verified account name and valid account.888-762-2265PNC Bank
Will only verify account holder and if account is open and active.800-500-6328Mission FCU
By fax630-435-8630708-410-4444Mid America BankBy fax only920-738-3495888-464-5463M&I BankWill not do any verifications at all800-363-0530Manulife Financialfax with authorization- 24 hour turn time.773-863-2720866-904-7222Lasalle BankFax with authorization310-643-2083800-854-9846Kinecta Federal Credit UnionBy mail only- $10 fee
Key Bank NA, OH-01-51-0633, 4910 Tiedeman Rd., Brooklyn, OH 44144-2309800-539-2968Key Bank
20
REVERIFICATION CONTACT INFORMATIONREVERIFICATION CONTACT INFORMATION
Fax with authorication. 1-3 business day turnaround.626-535-1367888-493-7266Wescom CU
Must use their request form, which is available at: https://www.wellsfargo.com/biz/verification_deposit/quality_control900-329-3557Wells Fargo
Automated system that verifies cashiers checks800-223-7520Washington Mutual
By mail only- $10 fee
ATTN: VOD Dept., PO BOX 1080, Northridge, CA 91328800-788-7000Washington Mutual
$35 check required by MailWachovia
Won't verify anything without the borrower on the line. Written authorization will not suffice.800-523-1188Vanguard
800-872-2657US Bank-NM- personal
Will only do VOD on business accounts. Will not do reverification of bank stmt.800-673-3555US Bank-NM- business acct
By mail only with $10 check. US Bank, Regulatory Research & Reporting, M.L. CN-WP-02RG, 5065 Wooster Pike, Cincinnati, OH 45226866-350-3143800-872-2657US Bank
As of 5/1/06, can no longer verify any inforamtion without borrower on the line.800-354-2351 T Rowe Price
504-255-5199877-968-3778Thrift Savings Plan