Mortgage fraud definition

Mortgage fraud means any action by a person made with the intent to defraud that involves:

Mortgage fraud means a material misstatement, misrepresentation, or omission relied upon by an Enterprise to fund or purchase—or not to fund or purchase—a mortgage, including a mortgage associated with a mortgage- backed security or similar financial in- strument issued or guaranteed by an Enterprise. Such mortgage fraud in- cludes, but is not limited to, a material misstatement, misrepresentation, or omission in identification and employ- ment documents, mortgagee or mort- gagor identity, and appraisals that are fraudulent.

Mortgage fraud means a material misstatement, misrepresentation, or omission relied upon by an Enterprise to fund or purchase — or not to fund or purchase

Examples of Mortgage fraud in a sentence

• It contains guidance directed at small firms on:Monitoring activity (■ FCTR 10.3.3G)Responsibilities and risk assessments (■ FCTR 10.3.7G) General fraud (■ FCTR 10.3.13G)Insurance fraud (■ FCTR 10.3.14G) Investment fraud (■ FCTR 10.3.15G) Mortgage fraud (■ FCTR 10.3.16G) Staff/Internal fraud (■ FCTR 10.3.17G)• ■ FCTR 11 summarises the findings of the FSA’s thematic review Mortgage fraud against lenders.

• The mortgagee shall use FHA’s procedures to verify the mortgagor’s income.(b) Mortgage fraud verification.

• Mortgage fraud has escalated into one of the fastest-growing white-collar crimes in the nation and can end up costing you the home and equity you’re desperately trying to save from foreclosure.There are many companies and individuals who will promise to help you avoid foreclosure or to modify your loan for a fee.

• Mortgage fraud is a serious level III offense per chapter 9.94A RCW.

• Mortgage fraud is itself a criminal offence, but if the estate agent becomes involved they are also entering into an arrangement to further a criminal act.

• These efforts produced an interested response from 16 states or territories (Alabama, Delaware, Georgia, Guam, Idaho, Maryland, Missouri, Nebraska, North Dakota, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, and Washington, DC).In September 2007, RTI convened a meeting to solidify the membership, purpose, and objectives of each collaborative work group.

• Mortgage fraud may be perpetrated by one or more participants in a mortgage loan transaction, including the Borrower, or by multiple parties (a mortgage fraud ring) working dishonestly together (and often in a professional capacity).

• Mortgage fraud is likely to require a report to be made to the National Crime Agency.

• CoreLogic 2011 Mortgage fraud trends report (CoreLogic: Irvine, 2011) at 1.

• Mortgage fraud hurts lenders, victimizes homeowners and reduces confidence in the nation’s housing market.Common Mortgage Fraud Schemes Foreclosure Schemes: Perpetrators mislead homeowners at risk for defaulting on their loans or whose homes are in foreclosure that their homes can be saved in exchange for a transfer of the deed and upfront fees.

More Definitions of Mortgage fraud

Mortgage fraud. ’ means a material misstatement, misrepresentation, or omis- sion relating to the property or potential mortgage relied on by an underwriter or lender to fund, purchase, or insure a loan.