Lenders Compliance Group®
Creating a Culture of Compliance®
MEMBER OF NATIONAL ORGANIZATIONS
ABA | MBA | NAMB | AARMR | MISMO | ARMCP | ALTA | IIA | ACAMS | MERSCORP
Review criteria:
Misrepresented Assets
False or forged employment verifications False or forged tax returns, pay stubs, W-2s
Misrepresented Income
False or forged bank statements Undisclosed second mortgage Loan represented as a gift Undisclosed second mortgage
Occupancy Fraud
Misrepresented intent to occupy
Mortgage Fraud Schemes
Churning
Chunking
Straw Buyers
SISA Abuse
Foreclosure Rescue
Equity Theft
Property Flipping
Affinity Fraud
Key Red Flags
Loan participant motivations
Information discrepancies
SSN discrepancies
Documentation discrepancies
Significant cash proceeds
Undisclosed mortgages
Mortgage Fraud Indicators
Loan Application
Credit Report
Employment
Income Verification
Appraisals