Florida Rises to the Top: In Cases of Mortgage Fraud
With real estate prices steadily rising, the Florida real estate market has started to rebound. However, mortgage servicing experts warn that lenders should be prepared for more cases of mortgage fraud. Read the rest of this entry
Title insurance is one of the more expensive elements of a home purchase or mortgage refinance and everyone hates paying for it. Some folks even argue that in today’s age of computer-stored records, title insurance isn’t really necessary. Unlike car insurance or home insurance, very few people know even a single person who has collected on a title insurance policy. However, the robo-signing scandal and the explosion of mortgage fraud make it clear that–given the reliance on computer data–title insurance is more necessary than ever. Read the rest of this entry
Bogus letters result in $10 million in losses
Local homeowners and title insurance companies are being warned about possible mortgage fraud that involves bogus short sale approval letters from Bank of America.
Attorneys’ Title Fund Services, one of the largest title insurance underwriters in Florida, sent an alert last week, saying scammers are mimicking the lending giant’s approval letters, including similar language and the bank’s logo. Read the rest of this entry