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The FBI is committed to pursuing the stability of its banking system and aggressive attacks on people who jeopardize the security of public assets and personal information. In financial institution (FIF) fraud investigations, the agency continues to focus on organized crime groups involved in patterns of behavior that cut banks and lead to losses. If the FIF scheme involves a single party, the FBI will prioritize cases with significant losses or significant impacts on the community.

Financial Institution Fraud (FIF)

Financial Institution (FIF) fraud is a type of criminal scheme targeting traditional retail banks, credit unions, and other federal insurance financial institutions. Many FIF schemes involve negotiating client accounts or personally identifiable information (PII). Theft of personal information is considered by both financial institutions and consumers. The FIF can be classified as external, if its creators have no connection to the victim institution, or internal, if the bank staff use their access to the accounts and systems, as well as what they know policy, to commit fraud. External FIF systems checked regularly include stolen or counterfeit checks, forgery of account holder, asset fraud (unauthorized use/misuse of debit card), credit card fraud, and corruption of lost email. Unfortunately, while technology provides more convenience and access to customers, it also creates opportunities for criminals.

Money laundering and misappropriation of funds are the two most common internal FIF systems in FBI investigations. And if fraud runs its course, it could lead to the complete failure of a secured federal financial institution.

Debit fraud

Mortgage fraud is a sub-category of FIF. It is a crime characterized by a separate material distortion, misrepresentation, or negligence related to a mortgage loan that is immediately guaranteed by the lender. Lies that affect a bank’s decision – such as approving a loan, receiving an initial payment, or accepting certain payment terms – are mortgage fraud. The FBI and other agencies investigating mortgage fraud, especially after the housing market crash, have expanded their definitions to include fraud against homeowners. There are two different areas of mortgage fraud – profit and housing fraud.

  • Profit Fraud: This type of mortgage fraud is usually perpetrated by industrialists who use their expertise or power to engage in or encourage fraud. Existing research and extensive reports indicate that a large proportion of mortgage fraud involves transactions with banks, values, mortgage brokers, lawyers, loan managers, and other professionals in the field. The purpose of profit fraud is not to ensure housing security but to abuse the mortgage lending process to steal money and capital from lenders or homeowners. The Federal Bureau of Investigation (FBI) advocates the use of fraudulent means to make a profit.
  • Home Fraud: This type of fraud is usually manifested as the borrower’s illegal act to own or protect the house. For example, the borrower may falsify the income and asset information in connection with the loan application or force the value to manipulate the value of the property.

Looking for Mortgage Analysis Services

The FBI seeks to maximize the impact of mortgage and financial institution fraud as a collaboration. For instance, the Bureau operates financial crime forces in several field offices across the country that act as control multipliers to deal with major financial fraud. Comprised of federal, state, and local regulators and law enforcement agencies working together on a daily basis, these actions have been an effective way to pool valuable resources from participating organizations. The FBI also participates in formal and ad hoc inter-agency working groups that deal with FIF fraud and mortgages. These and working groups – made up of federal, state, and local regulators and law enforcement agencies across the country, along with private business to bring in banking security inspectors – meet regularly to brief on the division, conflict, and launch of joint investigations. Using the knowledge, expertise, and resources of various authorities and the private industry, the FBI and its partners can bring more fraudsters to justice.

Common mortgage fraud systems

  • Block Rescue: Criminals identify homeowners whose property has been confiscated or who are threatened with mortgage repayment and then trick them into believing they can save their homes by transferring the deed or placing the property on behalf of investors. Bailiffs profit by selling property to an investor or borrower out of straw, by creating capital using false valuations, and by stealing the seller’s income or taxes paid by homeowners. Homeowners are sometimes told that they can pay the rent for at least a year and buy the property after the loan is repaid. However, the perpetrators fail to execute the mortgage, and the property is usually stopped.
  • Loan Modification Schemes: Like foreclosure frauds, these schemes involve perpetrators who claim to help homeowners who are late with mortgage payments and who will soon lose their home by offering to negotiate loan terms. Owner with creditor. However, fraudsters charge high prices in advance and often negotiate unfavorable terms for customers or do not negotiate at all. Homeowners usually end up losing their homes.
  • Illegal foreclosure property: the property was bought, misused at a much higher price, and then sold immediately. The perpetrator of the illegal assets is fraudulent purchasing information or incorrect information provided at the time of the transactions. Schedules often have one or more of the following: incorrect estimates, forged loan documentation; increased customer revenue; or repatriation of buyers, investors, borrowers, values, and employees of joint-stock companies.
  • Insurance / Home Renovation: Builders facing growing inventories and declining demand for newly built homes use rescue systems to compensate for losses. The founders found that the buyers got land and mortgages, but who got the land and the house. In the housing conversion system, housing computers bought by builders during the housing boom became apartments, and in the declining real estate market, there are often surpluses in the unit. As a result, developers are recruiting straw buyers with an incentive to return the money and increase the value of the apartments in order to eventually turn off higher sales prices. In addition to not revealing incentives to the lender, the income data and assets of straw buyers are constantly increasing to qualify for assets that they cannot or will not qualify to buy.

For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.

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