Please use a reputable lender - Mortgage Fraud is Rampant in Arizona!
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Mortgage fraud up in state! The East Valley Tribune reports that in 2006, Arizona ranked No. 11 in the country for mortgage fraud, up from No. 23 in 2005, according to a report released Wednesday by the Mortgage Asset Research Institute. "The Southwest United States has been an increasing hotbed for mortgage fraud activity," said Nick Larson, assistant vice president for the Virginia-based group. The number of fraud cases reported in Arizona in the first three months of 2006 was 213 percent higher than the same period the year prior, according to the report. The biggest problem is that there is no licensing for loan officers in Arizona, said Eric Bowlby, president of Amerifirst Financial in Mesa. "We have too many people in the industry," he said. "When you have an uneducated sales force, fraud is going to run rampant." Mortgage companies are now feeling the pinch of tightening lending guidelines resulting from the subprime crisis, making it more difficult for a buyer to qualify for a new loan.
http://www.eastvalleytribune.com/story/89883
As a buyer, please make certain that your loan officer knows what they are doing. Hopefully, very soon, loan officers will be required to be licensed. Don't be one of the statistics that signs up online with an unknown online lender or goes into a lender with no knowledge of their policy. Unless you have very poor credit, you should not agree to a prepayment penalty without first getting a second opinion.
Today, our MLS has 53,287 active listings. Homes are continuing to be more affordable as sellers realistically price their homes OR remove their home from the market for another year or two.
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