TopAction Button Image 1
                                          HUD Launches PreventLoanScams.org
                                                               with
                                      Loan Modification Scam Prevention Network    

WEBSITE
QUICK LINKS


HOME

Mortgage Compliance

Service Presentations

CORE Compliance

About Us

Our Clientele

News & Views Posts

Archive

Library

Contact Us

Website
LCG - Link

Visit Us!
News and Views
LCG Weblog - 1
Visit Us!

PRESENTATIONS

Mortgage Compliance

Due Diligence

Compare Ratio Task Force

Forensic Mortgage Audit

FHA Examinations

Legal Reviews/Remedies

CORE Compliance

Loss Mitigation

Mortgage Fraud Audit

Quality Control

HMDA / CRA

Licensing

Business Development

Policy Guides/QC Plans

IT and IS

_______________

516-442-3456

Email Us




Mailing List Rainbow
Overview

The U.S. Department of Housing and Urban Development (HUD), in partnership with the Loan Modification Scam Prevention Network, today announced the launch of:

PreventLoanScams.org.

This is meant to create national complaint database, which is a major step in the fight against loan modification scams.

The Loan Modification Scam Prevention Network, a national coalition of public and private enterprises, is led by the Lawyers' Committee for Civil Rights Under Law.

Fannie Mae, Freddie Mac, the Homeownership Preservation Foundation, and NeighborWorks America assist the Lawyers' Committee in leading the coalition's fight against loan modification scams.

The Network developed PreventLoanScams.org to provide homeowners with a single destination to report alleged scammers.

  • Complaints filed online are added to a national complaint database and forwarded to the appropriate law enforcement agencies for review. The Network estimates that the website will assist approximately 50,000 homeowners affected by scams.
  • Additionally, HUD has directed its local fair housing and housing counseling grantees to begin reporting alleged loan modification scams via the website.
Prior to the launch of PreventLoanScams.org, federal, state, and local government agencies could not share complaint data with non-profit organizations.

The new system allows for better analysis of trends across jurisdictional lines and will likely lead to an increase in private enforcement action filings.

Highlights

Response to Crisis

The Loan Modification Scam Prevention Network (LMSPN or Network) was created to strengthen the fight against scammers and support existing efforts at the national, state and local levels. 

The lead organizations of the effort include Fannie Mae, Freddie Mac, the Lawyers' Committee for Civil Rights Under Law (Lawyers' Committee) and NeighborWorks America, among others, with representatives from key governmental agencies, such as the Federal Trade Commission, the U.S. Department of Housing and Urban Development (HUD), U.S. Department of Justice, the U.S. Treasury Department, the Federal Bureau of Investigation, and state Attorneys General offices, as well as leading non-profit organizations from across the country.   

This new, broad coalition includes a two-part response:

First, NeighborWorks is leading a national media and outreach campaign to educate homeowners and the public on potential scams. 

Second, the Lawyers' Committee is leading an effort to increase reporting and prosecution of alleged scammers to support ongoing enforcement efforts at the federal, state and local levels.
  Visit Coalition's Website
 
Action Button Image 1


Lenders Compliance Group
is the first and only full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of services in mortgage banking. We are your outsourcing compliance solution.


Specializations
Mortgage Compliance
Compliance Administration
Compare Ratio Task Force
Forensic Mortgage Audit
 Business Development
Mortgage Fraud Audit
Quality Control
FHA Examinations
CORE Compliance
State and Federal Examinations
Fannie/Freddie/Ginnie Applications
Mortgage Due Diligence
Legal Reviews & Remedies
Loss Mitigation Compliance
HMDA & CRA Reviews
Statutory Licensing

IT & IS Compliance

This communication is sent to our valued clients and colleagues, who regularly receive our Advisory BulletinsCompliance ALERTS, Mortgage Compliance Updates, and News and Views.

These publications are free to subscribers.

2010 Lenders Compliance Group, Inc. All Rights Reserved.