Reporting Loan Fraud
If you are involved in a
transaction in which you suspect loan fraud, what can you do?
» Ask as many questions as possible.
» Be prepared to challenge the answers you receive. If the closing attorney
or mortgage broker says “we do this all the time,” don’t take that as a final
answer.
» Advise your clients of any
appearance of impropriety and the dangers of loan fraud and encourage
them to seek advice from their private attorney before proceeding with the
transaction.Disclose your concerns to
all parties, including the closing attorney, the mortgage broker, and the real
lender.
» Call an appropriate agency if you have any questions about your
participation in a particular transaction.
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» Back away from any transaction that is suspect. No amount of
commission is worth your license and your freedom.