Many Notary Signing Agents and other professionals in the mortgage industry are reluctant to report mortgage-related fraud practices in the workplace, fearing for their jobs. However, a federal agency is now actively encouraging whistleblowers with a new online site to report dishonest practices.
As part of the nationwide effort to combat mortgage fraud, the Residential Mortgage-Backed Securities (RMBS) Working Group has launched a websitewhere people can report incidents of fraud involving mortgage-based securities. The task force is actively encouraging whistleblowers to come forward and report misconduct or deceptive practices, which may help facilitate their ongoing investigations.
The RMBS encourages insiders who have witnessed greed and gross misconduct to step forward, noting how critical their information is to ongoing investigations and stating that the RMBS will do everything possible to maintain their confidence and trust, while protecting their ability to speak out without fear of retaliation. Whistleblowers can use the website —www.stopfraud.gov — to file reports, expose fraud, and help law enforcement hold perpetrators accountable.
"When whistleblowers summon the courage to come to us, we will do everything we can to maintain their confidence and trust," said Acting Associate Attorney General Tony West in a recent statement.
Whistleblowers in recent mortgage-related court cases have collected large settlements against employers who encouraged illegal practices. One Montana bank employee recently was awarded a $31 million settlement after suing her employers for allegedly demanding that she ignore defective loans being processed by her bosses.