In a March 1^st 2007 press release Missouri Department of Insurance, Financial Institutions & Professional Registration Director Doug Ommen formally announced the formation of a department mortgage fraud task force. The task force, is to be led by Richard Weaver, deputy director for the Division of Finance, consists of personnel from the Insurance Consumer Affairs Division, the Real Estate Commission and the Real Estate Appraisers Commission.

“Mortgage fraud affects lenders, mortgage brokers, realtors, appraisers and, most important, consumers,” said Doug Ommen, director of the Missouri Department of Insurance, Financial Institutions & Professional Registration. “I have asked this task force to look at this issue from all sides to come up with common-sense solutions to prevent consumers from being stripped of their equity or facing foreclosure.”

The committee is reviewing ways to educate lenders, brokers, realtors, appraisers and consumers to recognize mortgage fraud and hold wrongdoers accountable. They are also reviewing a bill in the Missouri Senate that would criminalize the act of participating in mortgage fraud.

“Currently, Missouri is ranked sixth in the nation for the number of mortgage fraud cases,” said Sen. Charles Shields, R-St. Joseph, sponsor of the bill. “This is totally unacceptable and we must create strict penalties to prevent this unlawful behavior.”

You can read the full press release by clicking here.