Finance Articles

Mortgage Fraud

How does mortgage fraud affect you, as a borrower?

I am sure you see all the news in the media about the mortgage industry but how is all that related to you?

First and most importantly, the information on your application must be accurate and factual to see if you do actually qualify for a loan. The purpose is not to stop you from obtaining a loan. The purpose is to make sure that you can continue to make your payments down the line and do not lose your home to foreclosure. If the underwriter thinks you make $7,000 a month and you actually only make $2,000, do you see how this may become a problem? I know people, at times, tend not to look at the long-term repercussions of their actions. They just look at the immediate gain or gratification. Well, the long term affects of this type of situation could be virtually irreparable damage to your credit in addition to others that could be more severe.

In order to properly underwrite and evaluate your loan it is important to see where you work, how long you have worked there, how much do you make, how much you have in the bank, etc.

The way this works is a Loan Officer or Mortgage Broker asks you questions and writes the answers down on a mortgage application. This is called, "taking an application." The information you provide is what is placed on the form. It is important that you are as accurate as possible, particularly where items are stated and not verified. This is done at times with income and assets. You also need to make sure that you disclose all your debts and real estate owned, whether or not they show up on your credit.

After the application is filled out you would need to sign the application. By signing the application you are attesting that the information is accurate and factual. If the information is not factual you are liable for civil and criminal penalties.

NEVER sign an application where your information is altered or changed. Make sure your employment, assets and income are accurate. If you do not know where they are located on the application ask the loan officer you are working with to show you. If you see information has been changed, find someone else to work with. Your mortgage and financial future is too important to put in the hands of someone that cannot be trusted.

Miles Loss Licensed Mortgage Broker

Miles is a Licensed Mortgage Broker with over 20 years of finance industry experience. Miles is known as the "go to guy" by the Realtors and real estate investors in his area. Miles brokers mainly in Florida but also covers GA, TN, NY & IN. Brokering in both residential and commercial Miles has all bases covered. http://www.milesloss.com & http://www.milesloss.com/refinance & http://www.milesloss.com/homebuyingprocess

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