Six mortgage brokerages shut down after random inspections Premium Content

Massachusetts cracks down on mortgage fraud in low-income communities

Inman News®

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, investigat

more...

To view this premium content sign in to your Premium Membership Premium Member account.

Premium Membership Premium Members have full access to all news archives & premium content.

Purchase Professional Membership for $199/year OR
Premium+ Membership for $149/year OR
News Membership for $69/year

Buy Now

Share with REmessenger