Most of the time Real Estate Agents will recommend a Loan Officer to their clients. The reason this is mainly done is, because they have a track record of success with that particular loan consultant.
While most people associated in the mortgage industry are honest and have high integrity values, that is not always the case. According to the Treasury Department’s Financial Crimes Enforcement Network, there were 52,868 reports for mortgage fraud in 2007. Can you say WTH!
The most common fraud was misrepresentation of income or assets. Come one people, if you have to lie to get a loan, then you shouldn’t be purchasing the home to being with!
Tags: Mortgage Fraud
