Salt Lake City, UT (PRWEB) March 20, 2007
According to the FBI, fraud cost the industry between $946 million and $4.2 billion last year. LoanPage.com recommends that borrowers cut risks by using resources that connect them with credible, licensed and experienced loan officers in their own locality (http://www.loanpage.com/mordesk.asp). Reputable resources for every type of home loan are offered by LoanPage.com, a complete source of mortgage loan tools and lenders that serves to reduce risk for prospective borrowers in the fraud-hit mortgage industry.
The industry is undermined by unlicensed loan officers who are often inexperienced in the business. Unlicensed loan officers are also difficult to hold accountable in cases of fraud and, according to the FBI, mortgage loan fraud is on the rise. "In September of 2002, the FBI had 436 mortgage fraud investigations. Currently, we have more than 1,036. That's an increase of 237 percent in less than five years." More than 30 states now have laws licensing mortgage officers, which leaves plenty of places available for unscrupulous loan officers to set up business.
LoanPage.com spokesperson Richard Wong explains how there are many ways borrowers can protect themselves, "Definitely interview lenders and compare costs, and check out other homes in the neighborhood for sale and their asking prices. Don't sign any blank documents, and always be sure to recheck closing costs and loan terms to make sure they're what you agreed to. Also, if a lender encourages you to lie on a loan application about your income or how long you've been employed so that you can get a better rate, don't do it--that's fraud. Go with your instincts and find a different lender."
Yesterday, the South Carolina Department of Consumer Affairs announced at a press conference that mortgage fraud is on the rise. The March 2007 Mortgage Fraud Report states that the industry does not know the exact extent of mortgage fraud "because there is not a single repository or clearing house for mortgage fraud information." However, the report cites FBI statistics, as well as "bleak" information from The Mortgage Asset Research Institute (MARI). MARI ranks states individually on a mortgage fraud index.
LoanPage.com cuts risks for potential home loan borrowers and cuts down on time spent searching for the right lender and best mortgage rates (http://www.loanpage.com). Prospective borrowers can request a mortgage quote on the site and receive mortgage rates from up to four competing mortgage companies for mortgage refinancing, debt consolidation loans, home equity loans and new home loans.
LoanPage.com is a complete source of mortgage loan tools and resources, including calculators and a mortgage glossary. Visitors can find answers to the most common loan questions, download a loan application or find lenders in their area.