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 Banker's Academy is a 22-year-old multimedia training company, recognized by USA TODAY as the training provider of choice for the banking industry. The Edcomm Group Banker's Academy offers programs such as Compliance, Teller, Bank Secrecy Act (BSA), Anti Money Laundering (AML), Basel II, EEO, Sexual Harassment, Elder Financial Abuse, Credit Risk Management, Fraud Prevention, Mortgage Fraud Prevention, Security, Ethics, Collections, Foreclosures, OSHA, Lending, Sales & Service, System Simulations, System Conversions, Leadership, Operations Management, and individual job training and career development through http://www.jobtraining.bankersacademy.com. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group Banker's Academy, at +1.212.631.9400 or linda.eagle@edcomm.com, and visit us on the web at http://www.bankersacademy.com.
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