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What are the Five Most Frequently Seen Examples of Mortgage Fraud?
Question: What are the five most frequently seen examples of Mortgage Fraud?
Answer: 30 to 45% of a lender’s total loss is due to mortgage fraud. The best defense in combating mortgage fraud is a good offense. Train your people to know the types of mortgage fraud schemes that exist, how to identify them and how to properly report them. The 5 most common mortgage fraud schemes are:
- Identity theft.
- Application misrepresentation.
- Property flipping.
- Straw buyers.
- Equity skimming
The Edcomm Group
The Edcomm Group is a 19-year old multimedia training company specializing in the banking industry. The Edcomm Group offers programs such as Compliance, Teller, BSA, AML, EEO, Sexual Harassment, Elder Financial Abuse, Bank Risk, Credit Risk Management, Fraud Prevention, Security, Ethics, OSHA, Lending, Sales & Service, System Simulations, Retail Systems, System Conversions, Leadership & Operations Management. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group, at 888-433-2666 or linda.eagle@edcomm.com, and visit us on the web at www.bankersacademy.com.
First published on BankersOnline.com 6/05/06
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