AML CHALLENGES
Mortgage fraud:
A
mong fraudsters are bankers, mortgage brokers, borrowers, underwriters, and appraisers.
Nicole wanted to refinance her house
with the purpose of paying off unsecured
credit cards and other consumer loans of
which payments had turned overwhelmingly impossible to keep up with in a
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timely manner. She started off by contacting several lenders who gave her some
input as to new interest rates, closing costs,
supporting documentation and the like.
When Nicole felt confident working her
application with Matthew, a loan officer,
the process seemed to run smoothly. Once
she provided the documents that Matthew
November / December 2008
requested, she was advised that the decision would not take long. Effectively, three
days after submitting information on her
homeowners insurance, Nicole was on
the phone with Matthew going over the
ins and outs of her new loan. Except for a
single requirement that had to be met, the
disbursement of funds would take place
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