Mortgage fraud results in an estimated $4 billion to $6 billion in annual losses in the United States, and the number of cases reported continues to skyrocket each year. Mortgage fraud can encompass elaborate schemes that involve anything from inflated property values, undisclosed kickbacks, identity theft, and preying on home owners facing foreclosure. Even more alarming, sometimes the perpetrator may be your client. How much do you really know about mortgage fraud? Take the quiz below to test yourself.
Which of the following is a common type of mortgage fraud?
Mortgage fraud can involve a person with good credit who agrees to provide his or her name to help someone with bad credit to obtain a loan. What is that person usually referred to?
Which government agency investigates mortgage fraud?
In a foreclosure rescue scam, home owners are often told that their homes can be saved from foreclosure if they do what?
What is the mortgage fraud scam called when a buyer borrows the down payment from the seller without the lender's knowledge?
Which of the following constitutes mortgage fraud?
Which of the following items below could serve as a warning sign to possible mortgage fraud?
What are the two distinct areas of mortgage fraud that the FBI investigates?
Who are usually the perpetrators found to be involved in the majority of mortgage fraud losses?
What do many experts believe is the key to combating the majority of the largest losses from mortgage fraud?