| The next webinar meeting of the MBA Mortgage Fraud Issues Subcommittee will be held on May 22, 2012 at 1:30 ET. Please Contact Andrew Szalay, AMP for more information.
| Mortgage fraud is any misrepresentation to the lender from a mortgage applicant for the purpose of being approved for a mortgage that the applicant would not otherwise qualify in order to obtain property, or simply profit. It is a crime with severe penalties. The cost to lenders and the financial system are estimated to be billions of dollars annually, but the real impact is felt by homeowners and consumers seeking mortgage credit - underwriting standards are tightened to guard against risk, neighborhood homes may be devalued, and properties may be left vacant, detracting from the community's appeal and value. The Mortgage Bankers Association works with law enforcement agencies, banking and mortgage regulators, and other industry actors to detect, prevent and report mortgage fraud so those that people who perpetrate these crimes may be caught and prosecuted.
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