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Mortgage Fraud Scheme Uses Fake Employers

Bogus businesses listed on loan applications

May 25, 2018

By Mortgage Daily staff



A new scheme been uncovered where bogus businesses are being listed as the employer of prospective borrowers on home loan applications.

Companies like Bridge Worldwide Financial, Elite Restaurant Management and Med Plus Medical Billing Services are among the names allegedly being used on the applications.

The dozens of entities and businesses that have been identified as being used in the scheme are located in Southern California's Los Angeles County.

Fannie Mae issued a bulletin about the scheme involving misrepresentation of borrower employment.

"Fannie Mae's mortgage fraud program has identified several entities listed on loan applications as places of employment that appear to be fictitious," the notice states. "The following list contains 34 entities / businesses that were listed as the borrower's purported place(s) of employment but whose existence Fannie Mae could not confirm."

The full list, which is as of May 22, is online at www.fanniemae.com/content/news/mortgage-fraud-news-052418.pdf.

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