Course Description

The Real and Unethical World of Mortgage Fraud

Mortgage Fraud: A material misstatement, misrepresentation, or omissions relied upon by an underwriter or lender to fund, purchase, or insure a loan. Welcome to the real and unethical world of mortgage fraud. All over the country, real estate industry professionals and homeowners alike participate in fraudulent real estate transactions. As much as 80% of mortgage fraud is perpetrated by insiders who are implementing a planned fraud scheme. In each case of fraud, some parties involved are actually unaware that their participation in the transaction could result in serious trouble. Although some of these people believe what they are doing is acceptable because "so many other industry professionals have been doing the same thing," others have chosen an attitude of "willful blindness" to the fraudulent part of the transaction. You can call it misrepresentation. You can ignore it. But it is fraud -- mortgage fraud. Mortgage fraud has grown into one of the most notorious crimes in the United States. It has left many home owners with "underwater" mortgages that are substantially higher than the valued price of their home. Many lenders with defaulted loans and foreclosed homes, and many real estate professionals are in the precarious position of needing to rigorously screen new clients' financial portfolios while keeping apprised of major regulatory changes and new procedures. Industry professionals need to learn about the different types of mortgage fraud and discover how to recognize the signs, take precautions, and report incidents. Protecting your business from fraud can be a daunting task. It sometimes seems as though there are as many different fraud schemes as there are criminals who use them to defraud lending institutions. One of the best ways you can safeguard yourself against fraud is through a rigorous post-funding quality control program, in addition to sound pre-funding quality control practices. Fraud Prevention Practices that will protect your business from fraud can be daunting tasks. With evolving technology and so many different fraudulent schemes, defrauding lending institutions has become all too common in today's market. One of the best ways you can safeguard yourself against fraud is through educating yourself and others on fraud prevention best practices. When we understand that the existence of fraud has the ability to affect us individually, we are more likely to start taking active steps, every day, to combat it. It may be an everyday battle, but the longer we fight the stronger we get, and when something becomes habit the easier it is to achieve; and the harder it is to forget.

Course Outline

Upon completion of this course, you will be able to:

Understand the meaning and dimensions of mortgage fraud.
Understand the scope of the fraud problem.
Understand who is involved in fraud
Understand how mortgage fraud affects the industry
Understand how mortgage fraud affects all homeowners
Understand how fraud is perpetrated
Know how to identify the hot fraud schemes
Know how to recognize and prevent fraud
Understand the documents most likely to contain fraudulent information
Know how to report fraud
Know how to protect yourself against fraud
Understand the high cost of fraud

The course contains numerous multiple choice exams, interactive exercises, and is completed with a multiple choice final exam.

Approved States: CO

What State Can I Purchase This Course?

Colorado