RC_GO_F_200.3 Mortgage Loan-Level Misrepresentation

1-5 Education Intermediate Loan Production (Origination, Underwriting, Processing) Residential Residential Certified Mortgage Servicer (RCMS) Self-Study Web-Based Courses
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Option Price
Member $50.00
Non-Member $100.00

Whether a loan applicant decides to commit fraud for property or for profit, the majority of misrepresentations can be tracked back to documentation found in the individual loan file. Misrepresentations may include fabricated or altered employment, income, and asset documentation. There may be debts that are not disclosed and sources of funds that are misrepresented. The occupancy intent of the property may also be false. These misrepresentations are known as "loan-level misrepresentations."

Mortgage Loan-Level Misrepresentation presents red flags within various documents in the loan file that may indicate the existence of loan-level misrepresentation. Areas of possible concern on the application, the sales contract, the credit report, income documentation, asset documentation, and the appraisal are described and discussed.

This is a single-family/residential course.

Topics:
  • Application Review
  • Sales Contract Review
  • Credit Report Concerns
  • Income Documentation Review
  • Asset Documentation Review
  • Appraisal Review

     

    Seat time approximately 30 mins.

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