RC_GO_F_200.1 Mortgage Loan Fraud Overview and Current Trends

Mortgage fraud is defined as the intentional misstatement, misrepresentation, or omission by an applicant or other interested party of information that is relied on by a lender or underwriter in approving or purchasing a mortgage loan. Fraud is a challenging issue for many lenders. There are many types of mortgage fraud, each with varying degrees of financial impact to lenders, to the industry, and to the consumer. Over time, the types of fraud evolve, creating the need for employees to be aware of the current trends in fraud schemes and fraud prevention.

Mortgage Loan Fraud Overview and Current Trends looks at fraud from a high level. The course begins with a look at the difference between fraud for property and fraud for profit. Next, it highlights key industry players that work together to fight fraud. The course then looks at some of the resources that are available to help track fraud in the mortgage industry. At the end of the course, monetary and legal consequences for lenders and individuals that commit mortgage loan fraud are described.

This is a single-family/residential course.