PROTECT YOURSELF AGAINST MORTGAGE FRAUD AND IDENTITY THEFT

NOTE: THIS ARTICLE WAS WRITTEN AND POSTED BY DESIREE ROMAN, NOT WEBMASTER.

Since the deregulation of the mortgage industry in 1999, homeowners all across the nation are enjoying the benefits of competitive interest rates, lower closing costs and convenient signing options, such as closings conducted right in the borrower's own home. Unfortunately, deregulation has brought other concerns, such as identity theft and mortgage fraud. To protect yourself against fraud, consumers need to seek out services which help educate and protect.

Mortgage fraud has become so rampant, a Web site was created by the MBA (Mortgage Bankers Association) where fraud could be reported by state. Each financial transaction requires the notarization of key loan documents at closing. It is essential to have a commissioned notary who should not only be able to properly verify identity, but should be educated in the processes and procedures that should take place during a critical real estate transaction.

Both the escalation of mortgage fraud and identity theft significantly impacts the need for using certified notaries. According to the FBI Financial Crimes Report, the true level of mortgage fraud is largely unknown since the industry itself does not provide estimates on total fraud. Based on various industry reports and FBI analysis, mortgage fraud is pervasive and growing (www.fbi.gov). On the identity theft front, this same report indicates that in 2003, 4.6 percent of U.S. consumers experienced losses totaling $5 billion, and businesses experienced losses totaling $47.6 billion.

Homeowners need to take precautions to either prevent or minimize their chances of becoming a victim of fraud. First and foremost, the name on the loan application should match the name on the borrower's primary form of identification. Homeowners should work only with a notary who can communicate directly with them in their own language. Ask for a bilingual notary if the language spoken is other than English, and insist on using a professional notary who has been certified by the National Notary Association. The risk of fraud increases when relying on an untrained notary.

To help in the fight against mortgage fraud and identity theft, Roman Innovations, Inc. offers tips on ways to help protect yourself and help limit the damage in case this does happen to you. It can be a painstaking process to undue the damage caused when someone has mislead a homeowner or stolen someone's information. People need to be as proactive as possible.

For tips that may help in identity theft/mortgage fraud prevention and damage control, visit www.notarychicago.com

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Identity Theft Prevention and Restoration

Identity Theft Facts

Identity Theft Risks
Identity Theft Victim
Identity Theft Restoration
Identity Information

Social Security Identity Theft
Who Should Require Your Social Security Number

Privacy Protection - Privacy Laws

Fair Information Practice Principles

Identity Theft Prevention

Monitor Your Credit Reports
Don't Carry Your Social Security Number
Stop Pre-Approved Credit
Shred Personal Documents
Pick Up the Mail
Email Requests - Don't Respond to Them
Don't Give Information to Phone Callers
Put Passwords on Your Credit Cards
Your Identity Information - Be Aware of Who Has Access
Online Identity Theft
Ask or Opt-Out
Sign Credit Cards Immediately
Passwords - Don't Save Them
Protect Your Computer

Spoof email

Email that Doesn't Use Your Name
Email with No Account Number
Email with Improper Grammar or Spelling Errors
Email Warning to Close Your Account

Phishing Email
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Email Fraud
Online Privacy - Protect Your Computer
Shop Online Securely
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Online Identity Theft - Watch Where You're Going
Online Identity Theft - Getting Help

How to Read a Privacy Policy

Personal Information - What is Collected and Why
Personal Information - How it's Collected
Personal Information - How It Will Be Used
Personal Information - Who Will Have Access
Personal Information Security
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Opt Out - Your Rights

Children's Privacy Online - Protect Your Children

Children's Online Privacy - Fourms and Chat Rooms

Identity Theft - Education and Incorporation

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