The Cash Flow Event Of 2020

Back in 2018, Fannie Mae issued a warning to lenders after identifying more than 30 apparently fake companies that were appearing on borrowers’ mortgage documentation as their place of employment.

There were 30 companies on the initial list of potentially fake employers. Later, the government-sponsored enterprise identified 15 more companies that appeared to be fictitious.

Things went quiet after the list of companies grew to 45, but now, the GSE is warning lenders that there are more potentially fake companies out there.

Fannie Mae sent a bulletin to lenders Wednesday identifying 15 more apparently fake companies that it has seen on borrowers’ mortgage documents.

All of the previously identified fake companies were located in California, and these 15 new ones are all located in California too.

In total, there are now 65 potentially fake companies that Fannie Mae has seen on loan documents. According to the GSE, the 65 companies were listed as the borrower’s purported place of employment on an unknown number of mortgages, but Fannie Mae could not verify whether the companies actually existed or not.

According to Fannie Mae, the newly identified potentially fake companies are:  SEE THE LIST AT
https://www.housingwire.com/articles/fannie-mae-warns-lenders-there-is-a-growing-list-of-fake-employers-showing-up-on-mortgages/

Contributed by Carolyn Horvath https://oakcreekcapitalpartners.com/what-we-buy/

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