3.0 hours Good Guys/Bad Guys - Who's Who in Mortgage Fraud – Course Syllabus

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Course Syllabus:

3.0 Specialty Credit Hours

Popular scams involve prepayment penalties, loan amount/type, loan costs, and equity skimming. Remember, lenders make no warranty as to what their employee's state as an inducement to accept the loan.

If the borrower continually emphasizes the lowering of his monthly payments, he has signaled a weakness that may be taken advantage of. The tricky loan officer sees the borrower as focused on one thing. While he is looking at that lower payment and congratulating himself, the lender is changing the loan type, term, or rate on the loan.

Consumers targeted for predatory practices include:

  • anyone refinancing a mortgage to consolidate debts
  • the elderly and those who may hesitate to read disclosures
  • anyone who displays a preoccupation with interest rate
  • the gullible borrower in a hurry to close at the last minute
  • very young, inexperienced borrowers who over-use credit
  • borrowers with no cash for closing
  • borrowers who signal the only thing important is getting the money
  • borrowers who tell their loan officer to "go ahead" and do whatever they want because they've been referred by someone they trust
  • borrowers who believe the loan officer has their best interest at heart
  • borrowers who are too lazy to read loan documents.

This course discusses some of the various techniques used by predatory lenders and the most commonly targeted consumers. Upon completion of this course, the real estate professional will be more prepared to alert their client of a potential scheme they could be falling victim to.

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