Non-Bank Lenders And Loan Originators Will Soon Be Required To Report Mortgage Fraud.

This might come as a surprise to many people, but presently Non-Bank Lenders, and Loan Originators do not have a legal responsibility to report "Mortgage Fraud". What may even be more surprising is that even if a Non-Bank Lender or Loan Originator wanted to report "Mortgage Fraud" at the present time, there is no set procedure to do so. They can report fraud, but without a clear procedure or agency that is specifically set up to act upon the reported "Mortgage Fraud" the reports can fall upon deaf ears. Yes the Banking Commission will receive complaints against Lenders and Loan Originators, and do the best that they can to address them. But they are not really set up, or have the man power to investigate every complaint, as a result many complaint do not get the attention that they should.

Well that was the case up until now. In another two or three months the mechanism to report "Mortgage Fraud" will be in place, and "Non-Bank Lenders And Loan Originators Will Soon Be Required To Report Mortgage Fraud." On Tuesday a financial fraud task force was final created and operate under The Financial Crimes Enforcement Network. Once this task force is in place Non-Bank Lenders and Loan Originators will be required to report any and all suspicious activity that is believed to be "Mortgage Fraud"

I for one thing that it is about time that this task force is formed and put in place. I just hope that this does not end up being one more agency that has a lot of bark, but no bit. That this task force is given the necessary resources to really do the job. The government already has to many agency that operate in name only and do not accomplish what they were created to do. Many of these agency only seem to accomplish one thing, and that is waste more taxpayer money. The task that this new agency has been appointed to do is way to important for it to just operate in name only. They need to be given the resource to investigate, and prosecute those that are committing "Mortgage Fraud", as well as those that are aware of "Mortgage Fraud" and not reporting it.

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.