Mortgage brokers, mortgage agents, and mortgage lending

Mortgage fraud happens in Massachusetts . The state has been cracking down on the wave of mortgage fraud for some time now. This time according to the Boston Globe, the state Division of Banks closed Confidence Mortgage Corp for significantly overstating borrowers’ incomes or concealing information on the loan application. Do these mortgage brokers not realize how much this hurts the consumer? In the immediate short term, as soon as the consumer gets in the house, they cannot afford it and end up in foreclosure. If their credit was good, now it becomes poor because of this situation. This will make it difficult for them to get another home later. Middlesex Mortgage Co. was also shut down for running an unlicensed branch. They were using unapproved branch managers and misrepresenting information on loan applications. Based on the practices of these two companies, people are now unemployed and potentially face their own housing issues because of those situations.