Robert Maddox Quoted in MBA Newslink on Fraud Detecting Strategies
Bradley attorney Robert Maddox was quoted in MBA Newslink on the current mortgage fraud environment emerging in the post-pandemic era. Maddox recently participated in a panel at the MBA Risk Management QA and Fraud Prevention Forum.
Maddox said in this current environment, with fraud on the rise, volumes down and cutbacks in staff, “you have to have appropriate resources in place; otherwise, you have to admit you are susceptible.”
As the housing market is particularly susceptible to fraud now, Maddox stressed the importance of companies maintaining precautionary measures, as a single fraud can become a detrimental case that has lasting effects on the company.
“There are different kinds of fraud: fraud for individual profit and fraud for business profit,” Maddox said. “And fraud has many focuses. We have to take our own subjectivity out of the process and look at the facts.”
“We have this historic change in the marketplace now,” Maddox added. “In the post-COVID era, we have had radical price appreciation, but costs are now coming down. We have better tools and data, but we have to tighten up. A single fraud can balloon into a major case that can bring a company down.”
The full article was published in the Mortgage Bankers Association’s Newslink on September 15, 2022.