What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning & explanation. Avoiding Wire Fraud in a real estate transaction
What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning & explanation video duration 8 Minute(s) 58 Second(s), published by The Audiopedia on 03 04 2017 - 11:00:00.
http://www.theaudiopedia.com What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning - MORTGAGE NEW YORK, NY - Preet Bharara, the United States Attorney for the Southern District of New York, and George Venizelos, the Assistant Director in Charge of the .
Mortgage & Real Estate Solutions Hump Through Compliance Wire Fraud Attempt #MREs #ISpeakVAFluently NMLS 275420, 1741088 Following a nine day trial, a jury found two Honolulu mortgage brokers guilty of offenses stemming from a mortgage fraud and money laundering scheme on Tips on how to avoid becoming a victim of real estate wire fraud.
✪✪✪✪✪ http://www.theaudiopedia.com ✪✪✪✪✪
What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning - MORTGAGE FRAUD definition - MORTGAGE FRAUD explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.
In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment. As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud.
Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud.
Types od mortgage frauds:
Occupancy fraud: This occurs where the borrower wishes to obtain a mortgage to acquire an investment property, but states on the loan application that the borrower will occupy the property as the primary residence or as a second home. If undetected, the borrower typically obtains a lower interest rate than was warranted. Because lenders typically charge a higher interest rate for non-owner-occupied properties, which historically have higher delinquency rates, the lender receives insufficient return on capital and is over-exposed to loss relative to what was expected in the transaction. In addition, lenders allow larger loans on owner-occupied homes compared to loans for investment properties. When occupancy fraud occurs, it is likely that taxes on gains are not paid, resulting in additional fraud. It is considered fraud because the borrower has materially misrepresented the risk to the lender to obtain more favorable loan terms.
1. Income fraud: This occurs when a borrower overstates his/her income to qualify for a mortgage or for a larger loan amount. This was most often seen with so-called \
Other Video about What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning & explanation:
Stephan Balino & Welton Kalani Found Guilty of Mortgage Fraud
Following a nine day trial, a jury found two Honolulu mortgage brokers guilty of offenses stemming from a mortgage fraud and money laundering scheme on .
Avoiding Wire Fraud in a real estate transaction
Tips on how to avoid becoming a victim of real estate wire fraud.
Fourteen Defendants Charged in White Plains Federal Court with Massive Mortgage Fraud Conspiracy
NEW YORK, NY - Preet Bharara, the United States Attorney for the Southern District of New York, and George Venizelos, the Assistant Director in Charge of the .
0 Comment