Industry News

Banking group issues tips on fraud protection

Illinois labeled 'hot spot' for mortgage fraud

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After recent FBI warnings that Illinois is a "hot spot" for mortgage fraud, the Illinois Bankers Association has compiled a list of tips and warning signs to help borrowers identify fraud before being duped. Hundreds of homeowners in Illinois have been victimized by unscrupulous mortgage lenders -- robbing them of their hard-earned money -- and their homes, the group said. These criminals are draining the mortgage industry of millions of dollars each year. Legislators in Illinois are working to pass legislation to safeguard consumers and punish the fraudsters who are destroying people's financial independence. Banks in Illinois strive to protect consumers from these con artists and provide Illinoisans with legitimate mortgages at a fair rate. Here are some of the banking group's suggestions for consumers: 1. Read and understand all of the mortgage documents presented to you before you sign them. Don't be afraid to ask questions about anything you do not understand. Realize that when...