Street Resource Group, Inc. (SRG), a provider of technology and consulting solutions for mortgage warehouse lenders, announced the formation of the Closing Agent Risk Committee this week. The new committee will address the growing risk of mortgage fraud in the lending industry.
“We’re up against a formidable foe, here,” said Scott Broshears, an agent with the Federal Bureau of Investigations (FBI). “Mortgage fraud has taken on a new, more insidious, collaborative criminal aspect, and perpetrators will take advantage of every opportunity to scam the system. If they can use multiple warehouse lenders to fund the same loans, they will. The FBI can’t do it alone. We need to increase the vigilance of the entire industry to slow the spread of mortgage fraud.”

Agent Broshears’s presentation on mortgage fraud at Street Resource Group’s annual Warehouse Lenders Forum played a role in inspiring the group.
In addition to the new Closing Agent Risk Committee, Street Resource Group is behind the Warehouse Information NetworkSM (WIN), which was developed as a consortium to develop mortgage warehouse lending standards and practices, and to serve as a platform to communicate industry-relevant messages.
Stanley Street, president of SRG said, “In less than six months, WIN has gone from concept to an active force in mortgage warehouse lending, with extensive collaborative industry involvement. As we move head, WIN will form and launch committees on issues such as industry standards and practices, regulatory and legislative issues, education and more. What we’re seeing now is the birth of an industry movement that will bring about significant and valuable changes to the way business is conducted.”