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Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property.
Criminal offenses may be prosecuted in either federal or state court, and are typically charged under wire fraud, bank fraud, mail fraud, or money laundering statutes, with penalties of imprisonment for up to 30 years per offense.[1] As the incidence of mortgage fraud has risen over the past few years,[2] states have also begun to enact their own penalties for mortgage fraud.[3]
Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2008-09-09. Retrieved 2008-08-31.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ Mortgage Assets Research Institute (MARI). (2009). Eleventh Periodic Mortgage Fraud Case Report To: Mortgage Bankers Association Archived 2009-07-11 at the Wayback Machine.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2008-09-09. Retrieved 2008-08-31.
{{cite web}}: CS1 maint: archived copy as title (link)
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