Press Release


Title: 03/08/07 MBA Signs Memorandum of Agreement with FBI to Promote Use of FBI’s Mortgage Fraud Warning Notice
Source:   MBA
Date: 3/8/2007

WASHINGTON, DC (March 8, 2007) —  John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA), today joined Karen E. Spangenberg, Financial Crimes Section Chief for the Federal Bureau of Investigation (FBI) to announce and sign a memorandum of agreement for the two organizations to work together to promote the FBI’s Mortgage Fraud Warning Notice.

"Fraud against lenders is a growing problem that hurts everyone throughout the mortgage process, from the lenders themselves, through the brokers and appraisers to the consumers and the communities we invest in," Mr. Robbins said.  "Fraud is costing lenders billions of dollars each year and I want to thank the officials at the FBI for joining us in this partnership to give us another tool in the fight to stop fraud against mortgage lenders.”    
      
The FBI’s Mortgage Fraud Warning Notice states that it is a federal crime for any person to make any false statement regarding income, assets, debt or matters of identification or to willfully overvalue any land or property in an effort to influence the action of a financial institution.  The Notice reminds the reader that fraud is investigated by the FBI and is punishable by up to 30 years in federal prison or a $1,000,000 fine or both.

Under the MOU, MBA and the FBI will foster use of the Notice by:

  • Making it available to mortgage lenders so they may voluntarily post it on their websites as a means to educate consumers and mortgage professionals of the penalties and consequences of fraud against mortgage lenders;
  • MBA making the notice available on its own website and through the industry conferences it hosts;
  • MBA promoting the notice through its residential committee structure;
  • The FBI pre-approving certain minor variations of the Notice.


    For more information, or to see the Notice, please visit www.mortgagebankers.org/FBIMortgageFraudWarning.htm  

     

     

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:   www.mba.org.