Gregory Englesbe, Investment Banker, Discusses the Problem of Mortgage Fraud
Gregory Englesbe, an investment banker in Palm Beach, Florida, and CEO of E Mortgage Management, recently attended a real estate conference where mortgage fraud was the topic of discussion.
Englesbe commented on the issue stating: "A recent report released by a mortgage fraud risk platform indicates that nearly one in every 109 mortgage applications is estimated to have indications of fraud, with New Jersey and New York among areas with the highest rate of fraud risk. The risk platform shows that the current high value of homes in competitive housing markets has seen an increase in the number of loan applications with misleading information.
"To counter any possible consumer fraud, lenders should use trusted sources of consumer information that cannot be altered or doctored, like direct deposit streams and payroll provided directly from employers' databases," he adds.
"Unfortunately, there are fraudulent online services out there that generate fake information for a fee, which has wide-ranging consequences for banks, investors and taxpayers."
Englesbe reminds consumers of the importance of loan application accuracy when applying for a mortgage. "Generally speaking," says Englesbe, "consumers should read over all information on the loan application they are submitting and make sure they have provided factual details. When the loan application is signed, it indicates that the information on the application is true and accurate."
Englesbe is an investment banker, philanthropist and prominent businessman located in Palm Beach, Florida, and is CEO of E Mortgage Management.
Contact: E Mortgage Management PR Department, 856.581.2079
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