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March 14, 2008
$11 Billion in Mortgage Loan Applications Called Into Question by Interthinx
Interthinx® announced that company analysts have uncovered more than 42,000 mortgage applications, totaling nearly $11 billion, containing significant misrepresentations of the borrowers' income. These applications were all originated and submitted for Interthinx review in the last six months of 2007.
The loans were discovered when Interthinx analysts determined that its FLEX (FraudNET Loan Exchange) program had generated 42,610 Income alerts.
Posted by S. Germain at March 14, 2008 08:27 AM