Every day, more reports are made about mortgage fraud. This fraud cost is covered through increased fees to everyone, just like shoplifting causes retailers to increase prices to cover the losses.
In the meantime, banks are casting wide nets and developing new longer-term mortgage products for new customers as interest rates climb and the refi boom winds down.
Have you noticed the "lead generators" packing our email spam inboxes with desperate attempts to get our contact info? "CONGRATS, MR. SMITH, YOU'VE BEEN APPROVED!!!"
Inman Real Estate News - Alleged mortgage fraud ring indicted in New York
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