Mortgage Fraud Continues to Decline in Georgia

-

Atlanta, GA – September 17, 2013 – (RealEstateRama) — According to the latest figures released by the LexisNexis® Mortgage Asset Research Institute (MARI) in their August 2013 report, mortgage fraud in Georgia continues to decline. Georgia remains outside the top ten for mortgage fraud for all originations and is well below the MFI industry baseline of 100, which is the level of reported fraud and misrepresentations one would expect given the level of loan originations.

Mortgage in National News
Mortgage in Social Media

“We are extremely pleased to receive confirmation of the continued decline in mortgage fraud in Georgia, a positive trend now spanning ten years”, stated Department of Banking and Finance Commissioner Kevin Hagler. “This positive trend is the culmination of collaborative efforts by this department; the Office of Attorney General; local, state and federal law enforcement authorities and prosecutors; industry leaders; and the grassroots efforts of the Georgia Real Estate Fraud Prevention and Awareness Coalition.”

The Department currently supervises approximately 800 non-depository mortgage lenders, brokers, processors and 8,000 loan originators. In 2003, due to the volume of mortgage fraud in the state of Georgia, the Department instituted a risk-based examination program, which primarily focuses on investigating reported fraudulent activity. Since the implementation of the risk-based examination program, the number of administrative actions and referrals to law enforcement and other regulatory agencies increased tremendously. Over the past decade, the Department has issued 1,286 Cease and Desist Orders and 446 Intent to Revoke Orders. In addition, the Department has made 154 mortgage fraud referrals to law enforcement and other regulatory agencies totaling more than $217 million.

Contact:
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:

SHARE
Avatar

Georgia RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Georgia Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Georgia.

Contact:

Previous articleRep. Johnson fighting foreclosures with 2 ‘Save the Dream’ events in fall of 2013
Next articleFormer MLB Pro Selling $3.195 Million Estate