IA 4.0 hours Good Guys/Bad Guys - Who's Who in Mortgage Fraud - Course Syllabus
4.0 Elective Hours
The Mortgage Asset Research Institute examines the current composition of residential mortgage fraud and misrepresentation in the United States. The top predatory fraud infected states are (in alpha order) California, Florida, Georgia, Illinois, Indiana, Michigan, New York, Ohio, Texas, and Utah. Other areas significantly affected by mortgage fraud include Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia. The top 3 states are Florida, New York, and California.
Most mortgage fraud today is perpetrated by well-organized rings working together. Mortgage fraud groups have attacked hundreds of neighborhoods across the country, causing losses well over a hundred million dollars and immeasurable harm. In many neighborhoods, there are few true comparables left.
The top areas of mortgage fraud are application fraud, presenting fraudulent tax return/financial statements, appraisal fraud, and verification of deposit and employment verification fraud.
Each year, the FBI and Financial Crimes Enforcement Network reports an increase in Suspicious Activity Reports (SARs) related to mortgage fraud. Estimated annual losses are in the billions of dollars. These shocking results tell us that more efforts are needed to combat this growing trend. Upon completion of this course, the real estate professional will be able to recognize how fraud groups work together to perpetrate mortgage fraud and predatory lending practices.