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Mortgage Fraud. This page addresses residential mortgage fraud issues; mortgage fraud schemes generally employ some type of material misstatement, misrepresentation, or omission relating to the property or potential borrower which is relied upon by an underwriter or lender to fund, purchase, or insure a mortgage loan.
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This guide is designed to help consumers educate themselves about mortgage fraud and learn how to avoid becoming either a victim or perpetrator of mortgage fraud. Unlike much of the information that is available regarding mortgage fraud, this guide emphasizes on the consumer aspects of fraud and fraud prevention, rather than those aspects that.
Mortgage Fraud. In general, fraud involves two parties: the party providing false information and the party that relies on that information to complete a transaction. Such crimes commonly are prosecuted as wire fraud, bank fraud and conspiracy (federal statutes do not directly reference "mortgage fraud").
Mortgage fraud is a criminal act that involves obtaining a mortgage by making false claims on your application and it is becoming increasingly common. Even if you tell a ‘little white lie’ when applying for your mortgage, you are still committing mortgage fraud.
Remember, mortgage fraud is a prosecutable crime and a felony under various federal and state laws. If a borrower feels that they are being asked to break the law, they should, at the very least, talk to a reputable real estate lawyer or the licensing authority in that home state before making a decision.
Mortgage Fraud Is Widespread. Usually something around 6% (and up) of the loan amount, which is a huge cost in my opinion, and probably yours. While this may have not have constituted mortgage fraud, or a scam, it certainly seemed like price gouging and very high-cost lending.
A rockland county attorney who was convicted of a felony for his role in a mortgage fraud scheme that affected M&T Bank was sentenced to four months in prison, the U.S. Attorney’s Office for the.
Mortgage fraud red flags are inconsistencies in the information presented in an application or a loan file that would cause someone to take a second look to eliminate mistakes or identify misrepresentations.