Florida remains one of the top three states for mortgage application fraud risk. That's according to Core-Logic's latest Mortgage Fraud Report.
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Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of. This was most often seen with so-called "stated income" mortgage loans (popularly referred to as "liar loans"), other properties or newly acquired credit card debt, to reduce the amount of monthly debt declared on the loan application.
FBI's list of most common mortgage fraud schemes. to fraudulently deceive creditors who attempt to verify information on loan applications.
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Mortgage fraud happens when someone intentionally confuses, lies or omits information when they apply for a mortgage. This can be done by lenders and borrowers alike. In Florida, there is a specific statute that covers mortgage fraud. However, in many cases, prosecution is done on a federal level.
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In a recent report, the Mortgage Asset Research Institute listed the nation’s "top five mortgage fraud. application trends high in each of the states. Income and employment misrepresentation on the.
Tulsa, Oklahoma, had a 6% increase in fraud reports in Q2. Here are the top 10 metros at the highest risk of mortgage application fraud in q2: miami-fort lauderdale-west palm Beach, Florida
Or maybe he or she fudged the numbers in order to make the application seem more appealing. These sorts of practices are illegal. If caught, the perpetrator could face some hefty mortgage fraud.
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