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American Bankers Loss Mitigation presentation
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The PowerPoint presentation I spoke on at the 2nd Annual Mortgage Loan Servicing Loss Mitigation Conference, Dallas, TX. Contact me for training or with questions.
Transcript of American Bankers Loss Mitigation presentation
Source Media2nd Annual Loss Mitigation
Conference July 22, 2010
FIGHT FRAUD –
IDENTIFYING & CREATING SOLUTIONS FOR EMERGING SCHEMES
Presented by:Cindi Dixon, CEO
Mela Capital Group
Industry OverviewReal State of Fraud
Since June 1st, 2010:
Mortgage Fraud headlines show losses to institutions $24 billion.“Prosecutors Bring Largest Ever TARP Fraud Case(Lee Farkas)” WSJ “The Inflatable Loan Pool” New York Times“Operation Broken Dreams: Feds Bust Billion Dollar Fraud Ring” CNN Money
Mortgage Fraud settlements exceed“Goldman Sachs settles with SEC $550 million”“Morgan Stanley agreed to $102 million in Massachusetts settlement”“Bank of America-Countrywide $108 million settlement to SEC”
Servicing Fraud
Short sale fraud AKA Reverse Flipping
*Website and seminar training*The new investment clubs*Asset, employment rental*Bridge financing for 48 hours
Document recordation fraud
*Powers of attorney*Satisfaction of mortgage / liens*Deeds of conveyance*Surveys*Affidavits of homestead*Assignment of rents*Subordination agreements
Servicing FraudShort sale fraud AKA Reverse Flipping
“Who is the victim?”
Funding letters and funds for short saleshttp://shortfunding.com/complete-funding/http://www.tempofunding.com/funds_request.shtml
Join their club, they sell and resell their inventory, prepare paperworkhttp://www.evenyoucanownahome.com
Full service flipping for a fee…payment plans now available!http://strategicrealestatecoach.com/
“Short sale tsunami…kicking the can down the road until it’s time to come inside.”
Servicing FraudShort sale fraud AKA Reverse Flipping
How to flip HUD foreclosureshttp://www.ehow.com/how_5706179_flip-hud-foreclosures.html
Double closing funds, order proof of funds, ‘flash cash’ (on Facebook!)http://shortsalefunding.com
How to flip by assigning and fixing…a step by step guidehttp://www.foreclosuresandflips.com/
Servicing Fraud‘Red Flags’ often obvious
*Purchase contracts-Assigns-Owner of record-Alterations-LLCs
*Request to waive anti-flipping policy*Large value increase over previous sale*HUD 1
-Unusual payouts-Multiple copies-Refi/purchase variances
*Public records search for parties involved*Recent recordings
-Quit claims-Transfers-Satisfactions-Powers of attorney
*BPOs v. 1004 v. Staff appraiser v. Appraisal management company
-Adequate valuation methodology
-Non arms length parties
Servicing FraudRisk Management Audit= Annual Medical Check-up
*You don’t have to be ‘sick’ … stay healthy*You should be honest about any concerns, exposure or ‘pains’*Independent, reliable examination
Prevention Cure*Protective affidavits *Operational audit
*Fraud prevention training development *Policy & procedure*Technology integration *Technology development
-Aggregate data *Management training-Detailed reporting -Best practices
*Report results integrated *Departmental trainings*No rubber stamping *Random audits*Random audits *No rubber-stamping
Servicing FraudDocument Recordation Fraud
Most common fraudulent recordings:*Powers of attorney*Satisfaction of mortgage*Satisfaction of liens*Survey*Affidavits
Homestead*Assignment of rents*Subordination agreement*Lien of adverse possession
Servicing Fraud‘Red Flags’
This is a complex issue just gaining attention.
Hesitant to discuss in attempts to deter potential fraudsters.
Internal policies and training critial.
Effective integration of technology.
Pick up the phone! Partner with county agencies, others.
Industry OverviewReal State of Fraud
>85% fraud involves insidersFNMA buyback requests up 60%State and federal case law and statutes increasingly decided against the industry
Damage to your bottom line is equivalently as severe as the image of your institution
Mortgage, servicing, HAMP, securitization, origination, valuation and short sale fraud ARE REAL! Incidence of these crimes are on the rise. Technology makes it easier for fraudsters to organize, but combined with well-developed training and procedures, make it easier for institutions to avoid them.
Mela Capital Group, LLCForensic Financial Investigation & Reporting
Cindi Dixon, CEO
Direct: 954.675.2319Toll Free: 866.382.7566E-fax: 877-633-7992
Contact us today to discuss your due diligence and loss mitigation needs.
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