![]() Unable to independently validate chain of title.Common mailing address among loans is used in scheme.Common payer among loans is involved in scheme.Mortgage payments are made by an entity other than the borrower.No real estate agent is employed (fictitious transaction).Air loans typically involve straw buyers (refer to “Straw Buyer Characteristics” section).Common tactics include the use of straw buyers, falsified gift funds, and altered employment or assets documentationĪn air loan is a loan to a straw or non-existent buyer on a non-existent property.The borrower works for what appears to be a member of the group.Large gifts from group members as the source of down payment.The borrower's excessive assets do not align with job type.Common surnames for multiple parties to the transaction.Parties to the transaction (loan officer, closer, realtor, borrower, appraiser, etc) have a common bond.Certain ethnic, religious, professional, or age-related groups are targeted. In affinity fraud, perpetrators rely on a common bond and exploit the trust and friendship that typically exist in the group of individuals with a common bond to support the scheme. ![]() These characteristics are only indicators of a potential scheme the presence of one or more of these characteristics does not necessarily mean that there was fraudulent intent, but it may warrant careful examination.īuilder Bailout/Excessive Sales Incentive Inconsistencies in the loan file are often a tip-off that the file contains misrepresentations (more detailed loan-level “red flags” are published in the Fannie Mae document Common Red Flags). Fraud Schemes and their Characteristicsįannie Mae is committed to working with our industry partners to help combat fraud by providing this list of fraud schemes and their characteristics.Ĭommon characteristics accompany most fraud-for-profit schemes, and identifying them can be helpful in determining whether a loan is part of a larger fraud scheme. Fannie Mae's Mortgage Fraud Prevention page provides a variety of resources and training to help you detect and prevent mortgage fraud. We offer a variety of resources to help you detect and prevent mortgage fraud. To learn more, visit: fanniemae.Resources to Help You Combat Mortgage Fraudįannie Mae is committed to preventing mortgage fraud whether perpetrated by a borrower, a lender, or another person or institution. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. Fannie Mae will also post information about specific pools available for purchase on that page.Ībout Fannie Mae Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. Interested bidders are invited to register for future announcements, training and other information here. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits before offering it to investors, similar to Fannie Mae's FirstLook® program. Terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to offer loss mitigation options designed to be sustainable for borrowers. All buyers of non-performing loans are required to honor any approved or in-process loss mitigation efforts at the time of closing, including forbearance arrangements and loan modifications. In addition, non-performing loan buyers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan, not secured by property which is vacant or condemned at the time of closing. and First Financial Network, Inc., a woman-owned and -controlled business, as advisors.īids are due on the one large pool by October 31, 2023, and on the CIP by November 16, 2023. This sale of non-performing loans is being marketed in collaboration with BofA Securities, Inc. All pools are available for purchase by qualified bidders. The CIP consists of loans geographically located in the New York area. The one large pool includes approximately 1,555 loans totaling $217.5 million in unpaid principal balance (UPB), and the CIP includes approximately 60 loans totaling $18.6 million in UPB. CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors. 5, 2023 /PRNewswire/ - Fannie Mae (OTCQB: FNMA) today announced its latest sale of non-performing loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio, including the company's twenty-second Community Impact Pool (CIP). 2023-NPL2 Includes the Company's Twenty-Second Community Impact Pool Offering
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