1 / 6

Wire Fraud

https://www.fundingshield.com/wire-fraud-closing-agencies-fraud-prevention-fundingshield/<br>

fundingshield
Download Presentation

Wire Fraud

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Mortgage Fraud Is Detrimental To The Progress Of Real Estate Sector

  2. INTRODUCTION • Mortgage fraud is said to occur when you give false information on a loan application to qualify for a mortgage you would not have got otherwise. Mortgage fraud is nothing shot of a criminal offence when someone – it can be you, a mortgage broker or agent, a real estate agent or a lawyer – misrepresents, lies or exaggerates information to obtain a mortgage that would not have been possible without white lies and fabrications. This serious offense is liable to lead to prosecution and jail time for convicted offenders. • FundingShield provides  services for mortgage and title fraud prevention that allow lenders, investors, homebuyers and title companies to confirm wired funds are going to the intended recipients. It also ensures that the transactions are free of impact from cyber fraud, phishing, business email compromise, wire fraud or title fraud.

  3. What Makes Mortgage Fraud Hard To Detect • Mortgage fraud is a relatively rare event: Only less than one percent of mortgage applications have misrepresentations and misinformation. Lack of clear definition of mortgage fraud also lets the crooks slip away. Most of the times, serious fraud involves multiplayers making it hard to get traced.. • Many mortgage frauds are undetected: It is difficult to detect mortgage frauds. Only in a robust economy with home prices appreciating, borrowers who committed fraud can stay current on their loans. But in the event of the economy slowing down or home prices topping out, fraud-for-property loans are going to default. These get treated in loss mitigation as a credit loss and not as origination fraud.

  4. Types of mortgage fraud can be cyclical: Factors like falsified down payment sources, inflated income, and straw buyers led up to the housing crisis. With several foreclosures, fraudsters shifted to loss mitigation fraud, such as short sale schemes, wire funding fraud, and loan modification scams. . • No one likes to air their dirty laundry: When the fraud is committed by an insider, financial institutions do not like to expose and try to brush under the carpet the information. Insider fraud has the potential of causing heavy damage to your brand.

  5. FundingShield specializes in services that leverage source data in real-time to confirm documents are valid, vendors are compliant with regulations and insurance coverage protecting lenders, real-estate investors and consumers are enforceable.

  6. THANKYOU…

More Related