Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Surprise examinations of mortgage brokerages and lenders in low-income communities in the Boston area are part of a coordinated effort by Massachusetts officials to crack down on mortgage fraud. In recent weeks, the Massachusetts Division of Banks has issued cease-and-desist orders and closed the doors of six mortgage brokerages that allegedly submitted false information about borrower's incomes to lenders. In one instance, a broker used a Web site approved by his company to verify salary information to instead systematically inflate borrower incomes by 125 percent, investigators said. In another, a broker altered a letter from an applicant's employer to conceal the fact that the worker made $11 an hour -- not $78,000 a year, as claimed. In other cases, brokers submitted loan applications ...