Salt Lake City, Utah / July 16, 2006 / Press Release --Impacts involving real estate fraud can be spotted nationally on various levels.  From increased application fees to higher interest rates lenders have begun to tighten in the reins when it comes to home mortgage loans.

"The lending market continues to struggle to find ways to better account for loans that contain fraudulent information," says Sheri Fitzpatrick, Utah Real Estate Broker and CEO of Perfect Home Living, an organization that combats real estate fraud in Utah.  Many of the top lenders use proprietary software in catching loan fraud but because of the explosion of online mortgage brokering, many institutions have moved away from the traditional face to face, thus resulting in red flag applications remaining under the radar," Fitzpatrick added. 

Washington Mutual INC, is one such Savings and Loan that has chosen another method of tightening the reins - job elimination.  Washington Mutual INC, the biggest U.S. Savings and Loan will eliminate 900 jobs as its analyst predict a slow down in demand for home mortgages.

The Savings and Loans Giant will cut "550 positions from its retail-banking division and 350 jobs associated with handling home loans," says Washington Mutual Spokeswoman Olivia Riley.  This of course is combined with a plan announced in February targeting 2,500 jobs that would reduce the Seattle-based company's workforce by 5.6 percent. 

Washington Mutual INC like so many other lending institutions operating within Utah's housing market is hoping to find ways to remain competitive.

"Ranking second in the nation for mortgage fraud is affecting lender and investor portfolios in ways never before imagined.  Now combine that with two straight years of interest rate hikes only compounds the problem," Fitzpatrick added. 

About Perfect Home Living 

Perfect Home Living assists in implementing programs and providing training to financial lenders as well as educating Utah's consumers and licensed professionals to red flags within Utah's real estate market.   For more information or to request assistance please visit us online at:  http://www.PerfectHomeLiving.com