A long-time NAMFS member sent me an email with the link to this entertaining video. The member said the mortgage segment is in a crisis with all of the fraud happening in the segment. He has become a victim several times and he reads about all of the other victims of mortgage segment fraud at Foreclosurepedia.org. His comment about the video was that there was “too much magic in the mortgage segment”. Many of the mortgage order mills (MOMs) already know the magic of making other people’s money evaporate into thin air. He had experienced several MOMs who made his money magically disappear. Although the magic show was entertaining, he said we would rather have had the NAMFS board of directors or executive director use that time to talk about what they were doing to control fraud in the mortgage segment. Fraud is a topic that is not discussed.
Everyone knows that the mortgage segment is the home of $3 mortgage inspections and 99% of the fraud in the industry. The mortgage segment will probably never get better. A magic show will entertain, but it does not fix the problem. Read the blog at Foreclosurepedia.org