NJ License Renewal Online-NJ Real Estate Commission Approve
NEW JERSEY School Organization ID: P1000137License Renewal Requirements
4.0 hours Good Guys/Bad Guys - Who's Who in Mortgage Fraud Course Syllabus
4.0 Elective Hours
Most mortgage fraud today is perpetrated by well-organized rings working together. These fraud groups often involve scheme orchestrators, mortgage brokers and processors, appraisers, real estate agents and brokers, bank employees, counterfeit document preparers, lender employees, closing attorneys, and straw borrowers, also known as real estate "investors."
Mortgage fraud schemes include flipping, straw sellers sell to straw buyers and the use of quitclaim deeds. Identity theft is a big part of mortgage fraud.
Flipping involves the purchase of a property and its quick resale for more than its true value. Some property flips are perfectly legal. "Straw" buyers and sellers are persons who stand in for the real parties in real estate transactions. Sometimes, false and forged quitclaim deeds are used to transfer property to straw sellers and straw borrowers.
Because of the amount of flipping that has occurred in the marketplace, governmental entities and lenders have enacted rules to stop illegal flipping.
There are many practices contributing to loan fraud. This course will provide real estate professionals with an overview of mortgage fraud; a new awareness, what to look for, and how it can be prevented.