As the prevalence of Mortgage Fraud continues to rise, Loan Services play a pivotal role in detecting anomalies within loan activity and data.
One of the most prominent forms of this surge is occupancy fraud. After the loan is disbursed, two significant instances stand out for loan servicers. First, there's the matter of returned mail. Welcome letters are dispatched but return undelivered. Upon contacting the borrower, they update the address to either the property's address or an unrelated third-party address not documented anywhere. The second instance arises when they modify their address to match the property's address online. Each month, a straightforward query can be submitted to the lender, cross-referencing the borrower's address with the property address. At Servicing Pros, we undertake this monthly inquiry to ensure you possess the latest information.
The second point of focus pertains to third-party payments. At Servicing Pros, we are unable to accept such payments unless explicit written authorization is provided by the lender. This is imperative because a third party could potentially assert that the payment was not intended for that specific property. It's essential to ascertain the source of the payment if it's not issued under the borrower's name. Furthermore, we diligently monitor payment patterns and amounts, promptly notifying you of any irregularities that arise.
See this article from AAPL on the latest in Mortgage Fraud. #privatelending #AAPL #servicingpros #loanservicing
https://aaplonline.com/articles/operations/mortgage-fraudthe-other-f-word/
Post created on 04/25/2024