nicholasmull511

1) More checks and balances within the system to discover potential mortgage scams situations.

two) More education for many real estate professionals - real estate professionals, REALTORS, underwriters, lenders, etc.

3) Greater licensing requirements for any. And licensing requirements where no licensing is required now.

4) Implementation of an "whistle blower" safeguard system and phone hotline.

5) Hands-on preventative action on the part of lenders.

6) Enforcement with Section IX - "ACKNOWLEDGEMENT AND AGREEMENT" located on page 3 with the Uniform Residential Application for the loan (FNMA 1003): "Each of the undersigned specifically connotes to Lender and also to Lender's actual or potential agents, agents, processors, attorneys, insurance firms, servicers, successors together with assigns and agrees and acknowledges that will: (1) the info provided in this application is true and correct as of the date established opposite my signature and that any intentional or even negligent misrepresentation of this information contained within this application may result in civil liability, which include monetary damages, to anyone who may undergo any loss due to reliance upon any misrepresentation i have made on this application, and/or within criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United Reports Code, Sec. 1001, et seq.;... 7) the loan originator and its agents, brokers, insurers, servicers, successors and assigns may continuously rely on the information in the application, and I am obligated to amend and/or supplement the data provided in the following application if any of the material facts that i have represented here should change just before closing of this Loan;... "

7) Enforcement in the paragraphs from the typical mortgage, which reference the borrower's loan application and acceleration clauses: Borrower's Loan application. Borrower shall be in default if, during the Loan application process, Borrower or any sort of persons or entities acting in the direction of the Borrower or with Borrower's knowledge and consent gave materially false, misleading, or inaccurate information or statements to the Lender (or never provide Lender with material information) in association with the Loan. Materials representations include, but may not be limited to, representations concerning Borrower's occupancy of the Property as Borrower's major residence. Acceleration; Remedies. Lender shall give notice to Borrower in advance of acceleration following Borrower's infringement of any covenant or agreement from this Security Instrument... (d) that failure to cure the default on or prior to the date specified inside notice may trigger acceleration of this sums secured as a result of this Security Guitar, foreclosure by judicial continuing and sale of the Property.

8) Better and perhaps required education with prospective borrowers, to enable them to recognize the impact and identify circumstances.

Guidelines of number 6 previously mentioned will send shock waves in the communities and trigger the less desirable professionals using business and attention to borrowers. Many may argue that this will be costly to the overall economy or lenders if foreclosure proceedings are essential, but in the long term there could considerable savings for all.

In summary, mortgage fraud may continue, until such time that this losses reach better levels unless you will find there's proactive preventative entire program to curb it. Old country saying "you don't close the gate following your horse leaves this corral. "
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