Most of the time Real Estate Agents will recommend a Loan Officer to their clients. The reason this is mainly done is, because they have a track record of success with that particular loan consultant.
While most people associated in the mortgage industry are honest and have high integrity values, that is not always the case. According to the Treasury Department’s Financial Crimes Enforcement Network, there were 52,868 reports for mortgage fraud in 2007. Can you say WTH!
The most common fraud was misrepresentation of income or assets. Come one people, if you have to lie to get a loan, then you shouldn’t be purchasing the home to being with!
Tags: Mortgage Fraud
Well, so much for putting all the blame on the appraisers eh?
Wow! Thank you! I always wished to write in my web site something similar to that. Can I take part of your post to my blog?
A very well written article. Thanks for the good tips!
Mortgage fraud defines as “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. In buying your New Home, consider the consequences and think twice before committing mortgage fraud.
A good mortgage Broker will review and verify your income and assets. The borrower wants the property so bad that they don’t think they will ever commit fraud. Please know you can afford the house before you purchase a home.