Mortgage Fraud is Rising – Here’s What You Need to Know

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MGIC Connects is a mortgage industry blog where experts share their insights to help readers learn about mortgage finance and the mortgage industry.

Fraud Prevention To keep abreast of the latest strategies being used by scammers, ESL Federal Credit Union is a member of the monroe county enhanced Multidisciplinary Team (E-MDT). This is a cross-functional team tasked to investigate, intervene, and prevent financial exploitation of older adults.

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Know what Fraud is. To start with, there is a big difference in the down payment required. Thanks to government programs, such as those from the FHA, owner occupants can sometimes get into a house with as little as 3 percent down. A bank may require 20 percent for an investment property.

Here’s a breakdown of what could happen to your student loan tab, savings account, mortgage, car loan and. higher interest rates also mean that you’ll have to pay up to access credit. "For most.

The Growth of Mortgage Fraud. Mortgage fraud is on the rise for multiple reasons: Rising Demand for Homeownership: U.S. homeownership rates hit 64.2%, according the the U.S. Census data released in January, 2018. Homeownership has been on the rise since 2016, when it hit a 50-year low of 62.9%.

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Mortgage fraud can be a criminal offence when someone – you, a mortgage broker or agent, a real estate agent or a lawyer – misrepresents, lies or exaggerates information to obtain a mortgage that would not have been granted if the truth had been told.

ing a dramatic rise in the number of vacant and abandoned properties.. Recognizing that recent economic trends have fueled mortgage fraud,. detect; 29 this is at least partly because mortgage fraud usually involves.. And we see they graduate from being a good kid into being a criminal within 18 months or so, ” he.

It has been estimated that Fannie and Freddie would need. mortgage finance policy for the independent community bankers of.

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August 30, 2017. Fraud is still on the rise: here’s what you need to know to manage attacks At this time of year, many organisations have adjusted their business strategies to adapt to the constantly evolving fraud.