As credit unions have increased their share of the mortgage market, they have also acquired a reputation for being relatively soft mortgage fraud targets, according to lending mortgage loan executive.
Glen Ogden, vice president of mortgage lending for Community First CU, headquartered in Madison, Wis., told attendees of the American Credit Union Mortgage Association that making more mortgage loans has meant also having a rising profile among mortgage fraudsters.
"Many of you will recognize that making more mortgage loans is not always a good thing," Ogden said, before launching in a series of real world examples of fraud from his experience of common red frauds that credit union lenders have missed in the past.
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"Too many of these presentations in the past have looked at things from the highest level statistics and not included real life examples that you can use to catch fraud," he said. "So much mortgage fraud can be caught if credit unions would just ask more questions about some of these applications."
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