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Mortgage fraud is covered under the 2009 FERA (Fraud Enforcement and Recover Act). This Act has highlighted the fines and prison sentences relating to mortgage fraud. FERA is a federal legislation, and most states also have their own laws in place.
This is a second mortgage placed on an asset for down payment funds but isn’t disclosed to the original lender on the first mortgage. A borrower without a down payment can commit mortgage fraud by borrowing the down payment from the seller in exchange for giving the seller a silent second mortgage.
Mortgage fraud is a serious offense and can lead to prosecution and jail time for convicted offenders. Under U.S. federal and state laws, mortgage fraud can result in up to 30 years in federal prison, and up to $1 million in fines. The Growth of Mortgage Fraud. Mortgage fraud is a growing problem.
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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.
Paul Manafort is expected to be arraigned in NYC Thursday on state mortgage fraud charges; he’s serving a 7 1/2-year federal.
Mortgage fraud is when individuals defraud a firm or private lender through the mortgage process. This is a crime. Providing false details, failing to provide information required by law or knowing that the information used by others, such as the price of a house sale, might be misleading or untrue are all examples of fraud.
In Tso’s experience, sophisticated mortgage fraud schemes that focus on illegal property flipping have been seen most.
Mortgage fraud prevention takes experience, unbridled commitment and fraud solutions designed to protect and grow your business as well as dedicated people. CoreLogic is the one company with the fraud experts and mortgage fraud solutions that work together to help lenders identify and crush the threat of mortgage fraud.
PDF Download : mortgage_fraud112006.pdf An Industry Assessment based upon Suspicious Activity Report Analysis. November 2006 Introduction. In recent years federal and state law enforcement and regulatory agencies have devoted considerable effort to the prevention, investigation and prosecution of mortgage loan fraud.