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Mortgage Fraud Task Force
Fraud is one of the most prevalent forms of crime in today's society. According the Federal Bureau of Investigations 2007 Mortgage Fraud Report, the state of Florida is among the top 10 mortgage fraud areas in the country. Miami-Dade County leads the state in fraud loans.
Mortgage Fraud is defined as a material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. There are two types of Mortgage Fraud: fraud for property and fraud for profit. Fraud for property, also known as fraud for housing, usually involves the borrower as the perpetrator on a single loan. Fraud for profit involves industry professionals. There are generally multiple loan transactions with several financial institutions involved.
To combat this crime, the County has formed a Mortgage Fraud Task Force. Its mission is to reduce mortgage fraud and prevent victimization of individuals and businesses. Through effective education, legislation, regulation, law enforcement and prosecution, the Mortgage Fraud Task Force will minimize your risk of becoming a victim.
The Task Force consists of an executive board made up of elected officials, government professionals, business leaders, law enforcement professionals and prosecutors. The board is responsible for policy, decision making, vision and direction.
Additionally, five committees will be responsible for executing the Task Force's mission:
- Law Enforcement Committee is responsible for the detection, investigation, apprehension and prosecution of the mortgage fraud subjects and enterprises.
- Legislative Committee is responsible for enhancing current laws, and creating new laws and ordinances.
- Regulatory Committee is responsible for enhancing and enforcing regulations of all parties involved in the mortgage transaction.
- Business Partnership Committee is responsible for creating and transmitting effective business practices to enhance cooperation with law enforcement and between different professions involved in the mortgage transaction.
- Education Committee is responsible for creating public awareness through printed literature, newspaper articles and television reports.
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