Mortgage fraud Archives

Loan

Luxury home builder faces 35 years in prison for mortgage fraud, tax evasion

Shehryar JoyiaJune 17, 2024

Pecoy did not deposit the majority of these cash payments into his business’s bank accounts. Instead, he used the cash to pay vendors and subcontractors directly. For instance, Pecoy admitted...

Loan

Fraud, risk, and regulation: Key takeaways from the FHFA OIG report

Shehryar JoyiaMay 23, 2024

The OIG also investigated several cases of fraud, including a $165 million mortgage fraud conspiracy, a multimillion-dollar COVID relief fraud scheme, and a civil settlement related to misconduct in residential...

Loan

Income fraud raises red flags in mortgage applications

Shehryar JoyiaMay 23, 2024

Government-backed purchase share also continued rising, reaching 27% of all purchase transactions due to an increased mix of low-down-payment FHA loans. “Fraud risk was up slightly quarter-over-quarter, but relatively flat...