Housing Wire story is HERE.
According to the OTS, equity stripping and property flipping are among the more common fraudulent activities. Additionally, 80% of all mortgage fraud involves collaboration or collusion by industry insiders, according to the report.
OTS Regulatory Bulletin is HERE. While targeted as a guide for Bank Examiners, the materials related to warning signs of fraud and how to deal with insider obstruction would also be useful for many single family fraud prevention efforts, INCLUDING fraud prevention in the Hardest Hit program.
Originally created and posted on the Oregon Housing Blog.