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Mitigating Mortgage Fraud: Application and Other Misrepresentations

Question: 
One form of mortgage fraud is called misrepresentation. What is misrepresentation and how does it work?
Answer: 

Misrepresentation (meaning intentional material misrepresentation of information, including false statements or omissions, on which the approval of the loan relies) of mortgage applications is often described as intentionally falsifying a borrower's status or falsifying information on a loan application for the purpose of obtaining real estate.

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First published on 06/16/2008

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