Bradley associates learn more about real estate and mortgage fraud
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Every day, in every city across the country share real estate industry professionals and consumers and homeowners both fraudulent real estate transactions. Many are fulfilling a carefully orchestrated ...
Every day, in every city across the country share real estate industry professionals and consumers and homeowners both fraudulent real estate transactions. Many are fulfilling a carefully orchestrated scheme, while others genuinely unaware that their actions are those fines, loss of license status (for industry professionals), or even jail time could bring. They believe what they are doing is legal and condoned because "so many established people are the same thing."
The key to the prevention and detection of fraud knowledge - by understanding what fraud is and how it works yourself as a homeowner can protect, and if you are a professional real estate industry, you important steps to your business and protect your customers .
According to the FBI, real estate fraud is one of the fastest growing white-collar crimes in the United States, and is committed in many ways, including:
• Artificially inflating the value of a home for a larger loan.
• Inflating the value of a house so the buyer money back at closing can receive.
• Filing false documents to secure financing, including Category: false salary and fake W-2.
• Taking multiple mortgages on a property that collectively much larger than the value of the property.
• Selling a house without disclosing to the buyer that a tenant.
• The same house sold to different buyers.
Bradley Associates said, "It does not matter what your role in a real estate deal is getting, you have the unique opportunity to affect the validity of the transaction." Every real estate transaction represents an opportunity for a fair experience, and every person who you work with has a responsibility to continue the transaction with the same integrity. When a borrower is passed from REALTOR to loan officer to processor underwriter to lender title and escrow, there are hundreds of opportunities for fraud. If you know what to look for (and refrain from infringing on the law itself), you can have a significant positive impact on the quality of the transaction.
Fraud for property
While fraud has evolved and become more complex as technology has improved and become more difficult to identify fakes, there are two basic types of real estate fraud: fraud for property and fraud for profit. In a transaction fraud for property, the loan application completed with falsified information, with the goal of someone in a loan that would not otherwise qualify. For example, a borrower's offer changed paycheck, "multiply" to their credit score, or claim that their deposit was a gift when in fact a loan from a third party (also called a "silent second" mentioned). Some applicants commit this fraud on their own and may or may not realize the seriousness of their actions, while others are "coach" by their broker or loan officer to distort the facts. It is often (and wrongly) considered a "crime" because the end result is someone getting the house of their dreams. This is a romanticized notion to say the least. When borrowers houses they can not
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