Question: On April 7, 2009, representatives of the Obama administration held a press conference to address mortgage relief scams that have recently swept the nation. The purpose of the joint effort was to warn homeowners to watch for red flags of these scams and for perpetrators, often individuals acting as representatives of mortgage assistance companies.
How can we better protect our customers from mortgage relief scams and other forms of housing related fraud?
Answer:
Train staff on the proper procedures for processing mortgage applications.
Make sure that employees understand and know how to recognize red flags of mortgage fraud.
Educate customers and employees about the mortgage crisis and the Obama administration's efforts to assist homeowners.
Instruct staff on how to report mortgage relief scams and other housing related fraud.
Provide prevention strategies to both customers and employees.
Ensure that resources are available for individuals to find the latest information on mortgage loans and federal assistance programs.
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