Virginia ranks #20 nationwide for mortgage fraud

An FBI report finds Virginia among the top 20 states with the highest incidence of mortgage fraud.  As reported previously on VARealtor.com, in an effort to stamp out mortgage fraud in Virginia, the Virginia Bureau of Financial Institutions is in the process of licensing all mortgage originators through the National Mortgage License System. The license application process includes a criminal background check.

Have you asked your loan officers if they are licensed?

Read more from Inman News.

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2 Responses to Virginia ranks #20 nationwide for mortgage fraud

  1. Mary Virginia Harris says:

    It is about time.

    I do not believe we would be in such a horrible situation if the lending industry had rules, regulations and obligations to a higher authority. The Realtors are scrutinized and everyone needs to be accountable to someone.
    Please let me know more about this.

  2. isshmen says:

    Hold on! Speak only of the states in the U.S.? I think India is in first place !

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