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2013 Conference

del 10 al 12 de April del 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

An Exploration of HECM Counselors Awareness and Training in Identifying Home Equity Conversion Mortgage (HECM) Fraud

jueves, el 11 de abril de 2013 a las 14:15–15:45 PDT
Oxford Room (Breakout Session C)
Major Area of Focus

Financial Services

Secondary area of focus

Housing

Short Abstract

Over the last decade, mortgage fraud, most often committed in primary mortgage loan originations, has swept the United States. In recent years, the receding housing market has limited the opportunities to capitalize on primary mortgage fraud and fraudsters have moved into the Home Equity Conversion Mortgage market (HECM) market. This study reports the results of a nationally distributed survey exploring the growth of HECM fraud and the role of housing counselors in its identification. Two aspects of HECM counseling were explored: the complexities involved in HECM counseling and counselors awareness and training in identifying HECM fraud. Of the counselors surveyed, 52% reported only a limited awareness of HECM fraud, as compared to 34% for primary loan mortgage fraud. Furthermore, 48% reported limited awareness of fraud when performing HECM counseling, as opposed to 34% when conducting traditional housing counseling. Interestingly, the majority of respondents indicated that HECM fraud was at least a moderate problem nationally, but 76% indicated that it was either not a problem or a minor problem for their clients. In terms of training, only 52% of respondents reported receiving any training to identify HECM fraud, as compared to 72% for primary mortgage fraud. Overall, the results of this survey are vital to establish the awareness and training the HECM counselors have in identifying fraudulent activity and protecting their clients.

Corresponding Author

[photo]
Martin Seay, Ph.D., Kansas State University
Job Title

Assistant Professor

City & State (or Province & Country)

Manhattan, KS

Additional Authors

[photo]
Andrew Carswell, Ph.D., University of Georgia
Job Title

Associate Professor

City & State (or Province & Country)

Athens, GA

[photo]
Melissa J. Wilmarth, University of Georgia
Job Title

Ph.D. Candidate

City & State (or Province & Country)

Athens

[photo]
Danielle Spellmeier, Kansas State University
Job Title

Graduate Assistant

City & State (or Province & Country)

Manhattan, KS

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