So, the loan underwriters stipulated for proof of income, proof of residency and even called the employer and references. So, how did these fraud loans slip through your otherwise stringent underwriting guidelines? They got “took” by pros, that’s how.
Since the proliferation of GPS, License Plate Recognition technology and state of the art security on most newer vehicles, auto thefts are actually down. But this has not deterred the auto thieves of this world who have in recent years migrated to loan fraud in order to acquire these otherwise difficult to steal vehicles.
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