Rachel.Norvell, Mortgage Professional America
So, you’ve come across the perfect borrower. He has a FICO score in the upper 700s, a high income and owns a few rental properties. However, he’s self-employed and plans to purchase a home well-above market price. Have you struck gold, or is he too good to be true?
“If it’s too good to be true, it probably is,” says Freddie Mac director of financial instrument fraud investigation Robb Hagberg, who has worked in the mortgage fraud industry for more than 16 years.
Welcome to today’s world of mortgage fraud. A world with more sophisticated borrowers who have access to every document they would ever need to commit the crime via the Internet. “At one time we as an industry saw borrowers as innocent, but the access of information is so easy today,” says Hagberg.