OK 3.0 hours Good Guys/Bad Guys - Who's Who in Mortgage Fraud Course Syllabus
3.0 Elective Hours
Sometimes the individual may have unknowingly committed mortgage fraud. Many times, in the past if a buyer went to a lender to make a loan application, that application was taken by the loan officer verbally and the officer filled in the application form by hand and that application was processed. In the processing, someone in that mortgage company typed that application, which then comes to closing for the buyer to sign. Did he bother to read it before signing it?
If he did not, it is entirely possible that the lender, to get the loan approved, may have misrepresented some of the information given them that they sent to the underwriters. If that happened and the buyer may have unknowingly participated in mortgage fraud. Sometimes the lender will make mistakes deliberately and sometimes accidentally, but the application shouldn't be signed until it has been read thoroughly by all parties.
All of this affects real estate agents every day because the cost of mortgage fraud is reflected in the cost of borrowing money. Lenders know a good percentage of their loans are going to go to foreclosure because of mortgage costs. It affects mortgage insurance and everything else that goes into that transaction. This course is designed to provide you with a better understanding of the different types of mortgage fraud and how you can avoid being an unwilling participant.