Industry News

Industry watchdogs warn of site selling fake paycheck stubs

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A Web site offering fake paycheck stubs could help individuals fraudulently qualify for real estate loans they can't afford, industry watchdogs warn. NoveltyPaycheckStubs.com will create a phony paycheck stub for $89.95, listing whatever salary and date of hire an individual specifies. The site presents the paycheck stubs as a novelty and for entertainment purposes only, saying "You can play a joke on your neighbors!" The head of a national mortgage fraud watchdog organization didn't find the idea very funny. "It's clearly intended to entice people who need pay stubs, not just people who want to fool friends," said Jim Croft, founder of the Mortgage Asset Research Institute, a group endorsed by the Mortgage Bankers Association that tracks mortgage fraud. The site has a lengthy disclaimer section including the promise, "I shall not use these novelty documents for illegal purposes of any kind," for consumers. Employment history and salary are some of the key pieces of informat...