If they are licensed, they have something to lose if they scam others, they could lose their license, their E&O insurance could pay a claim, or there company could be sued for fraud etc... 

It provides some privacy as beneficiaries are not listed on any public record- the trustee would need to be subpoenaed to reveal the identity of the beneficiaries.  

Sounds like Florida will start to monitor the activity... mortgage fraud and foreclosure rescue fraud is down this is the next target in my mind.

Here's the text:If the records of a series are maintained in a manner so that the assets of the series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any assets, or by any other method in which the identity of the assets can be objectively determined, the records are considered to satisfy the requirements...

Overstating taxable income can take you to mortgage fraud, no one says you must deduct expenses, you must recognize depreciation at some point, but let's not overstate income to show up better on a loan application. :)  

The civil suits brought against the defendant by victims of the deals were claims of mortgage fraud, which looked like a slam dunk and indeed he was convicted of mortgage fraud.

Except of course for fraud, there are statutory penalties for some of these violations and they don’t include note invalidation.

They felt that by our "verifying" their identity, it would give them more legitimacy and would help them stand out amongst those people here (and elsewhere online) who use fake names/identities.

The reason they are so low is because received Court docs, and police report, and identity theft.

Time, quality, drama, fraud, theft, etc.Lastly, I have a client who was doing a flip and after the work was done, the home was broken into, appliances stolen, and vandalized.