Mortgage Daily

Published On: May 25, 2018

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.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN