Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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A judge in Boise has ordered a Seattle mortgage company to pay more than $1 million in penalties and restitution because of fraud and other illegal practices, the Idaho Department of Finance said Wednesday.

Access Mortgage Co. was ordered to pay $1 million in penalties and $27,322 on behalf of an Idaho couple.

“The court’s findings ... send a clear message to the mortgage industry that financial fraud and unlawful practices will not be tolerated in Idaho,” said Gavin Gee, the Department of Finance's director.

According to Gee, the court found that Access:

Æ Submitted a false mortgage loan application to a lender.

Æ Failed to provide an elderly Idaho couple with required notices on the closing costs the couple would have to pay on a mortgage loan obtained for them by the company.

Æ Misrepresented information it supplied to the department.

Æ Originated mortgage loans in Idaho through unlicensed mortgage loan originators on 405 occasions.

Company  officials could not be reached for comment.



Read more: http://www.idahostatesman.com/2010/08/11/1299654/boise-judge-orders-seattle-mortgage.html#ixzz0wLma1PDn
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