5 defendants pleaded guilty in a conspiracy to defraud financial institutions into making fraudulent mortgage loans. The scheme allegedly involved a mortgage broker, an unqualified buyer, an executive from a title company and numerous intermediaries who prepared and approved fraudulent loan documents. Mortgage fraud remains a significant concern for financial institutions, according to a recent survey. In the 2012 Faces of Fraud survey, 25 percent of respondents said their institutions had faced mortgage fraud in the previous year. In some cases, the scheme is so sophisticated, it’s never detected.”]
Source: https://www.cuinfosecurity.com/5-plead-guilty-to-mortgage-scheme-a-4785