Real estate fraudsters paid more than $400,000 in negotiated settlements to The Prieston Group’s clients in January, the risk management consulting company said today.
Lanahan & Reilley, a law firm providing legal services in support of TPG Loss Mitigation efforts, indicated that $315,800 of that amount was in cash, while the balance was in various forms of negotiated settlement.
“This is significant,” said Arthur Prieston, chairman of TPG and senior partner and chairman of the Mortgage Banking Group of Lanahan & Reilley, “not because of the actual dollar amount, but more importantly because it validates the effectiveness of our recovery procedures, which are now highly refined and obviously very effective.”
The Mortgage Banking Group of Lanahan & Reilley serves hundreds of lenders all over the country and handles thousands of cases every year.
“Fraudsters are doing so many loans to so many lenders in so many parts of the country, it’s easy to miss the interrelationships and linkages,” said Ryan Thomas, Esq., an L&R Mortgage Banking Group associate. “What we do for one client, however, provides an additional reference and resource for others.”
The Prieston Group offers mortgage fraud protection, mitigation and indemnification services, providing lender due diligence and data integrity, fraud loss insurance and repurchase protection, and legal consultation for loss mitigation and recovery.
Mortgage fraud is rampant and can cost lenders and consumers millions of dollars. Perpetrators often use sophisticated rings of professionals to bilk lenders out of money. The crimes can take years to investigate.
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