Top 40 Fake Employers Used On Fraudulent Loan Applications

Fannie Mae Releases The Top 40 Fake Employers Used On Fraudulent Loan Applications

fake employersThe number fraudulent mortgage applications submitted to lenders has skyrocketed. The fraud has moved beyond using exaggerated income. Fraudsters are now using fake employers. Thus, the number of fake employers has also skyrocketed. 
As a result, Fannie Mae has issued a warning to lenders because the situation has become so bad. The GSE has identified more than 40 fake employers showing up on borrowers’ mortgage applications. 
The original 35 companies were generally located in the Southern California and Los Angeles County areas. However, the wave of fake employers has spread throughout California including some in Silicon Valley.

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