Exploring recent trends in digital originations for mortgage lenders, highlighting the role of fintech and AI in reshaping the lending process.
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The mortgage industry has been cautious about investing in parts of Detroit with low property values, opening the way for “fake landlords” to prey on residents by collecting rent after losing their house to foreclosure or by renting out houses they’ve broken into. So reports NBC News.
More than 75% of home sales in Detroit last year were in cash, especially lower-priced homes, and those transactions don’t include title searches and other protections that come with the involvement of mortgage companies.
Eight victims of the fake landlord scam talked with NBC News about how they were deceived, describing losing their life savings and even being locked out of a home as their puppies were freezing inside.
