Today we’re diving into a critical topic that affects countless homeowners and lenders alike: Mortgage Lending Fraud and Money Laundering. This is apparently on the rise when volume is down. In this episode, we’ll explore the various forms of mortgage fraud, how these schemes work, the red flags to watch out for, and most importantly, how you can protect yourself from falling victim to such deceptive practices and learn how your mortgage company can do this even on a budget. Joining us today is Bob Simpson of Daylighy AML. Together, we’ll shine a light on this often-overlooked aspect of the housing market and empower you with the knowledge to safeguard your financial future.
Mortgage Lending Fraud and Money Laundering – lessons from the front with Bob Simpson of Daylight AML
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Bob Simpson started a successful mortgage fraud investigation company in 1997 called IMARC. By 2008, it was the largest mortgage fraud investigation company in the US, investigating tens of thousands of fraudulent loans. Bob is a certified anti-money laundering specialist (ACAMS), a lawyer, and a former loan officer. He was a prominent and early analyst of the 2008 financial crisis, even appearing with Scott Pelley on an episode of 60 Minutes. This year he’s launched DaylightAML, an online course to help lenders navigate fraud and money laundering risks. His experience with the darker side of our business can help us avoid loss and reduce risk.