The Sun-Sentinel is reporting that a South Florida Title Agent has been indicted in a mortgage fraud scheme that involved approximately $14 Millon in mortgage loans:
Among those arrested Monday was Katherine Harris, 36, of Plantation. Prosecutors contend Harris, who worked as a title agent, took bribes to conceal from lenders that they were awarding loans for more than the amount actually needed to buy the property.
2 responses so far ↓
Greg Knowles // December 18, 2007 at 8:04 pm |
We are hearing more and more of these types of things hitting the news. It will be interesting to see how much liability the escrow or title co. ends up being burdened with. Sad Stuff!
Dave Wirsching // December 19, 2007 at 6:29 am |
As the market slows, title agency irregularities will be harder and harder to hide.
Look for the Title Underwriters to become very agressive in identifing and weeding out problem agencies in the coming months as they try to get out in front of the problem.