6 Common Types Of Mortgage Fraud

Income fraud: An applicant misrepresents the existence, continuance, source, or amount of their income.
Occupancy fraud: An applicant deliberately misstates the intended use of a property as a primary or secondary residence or an investment.
Transaction fraud: The applicant misrepresents the nature of the transaction, such as an undisclosed agreement between parties, falsified down payments, non-arm’s-length sale, or use of a straw buyer.
Property fraud: An applicant intentionally misrepresents information about the property or its value.
Undisclosed real estate debt: An applicant fails to disclose additional real estate debt or previous foreclosures.
Identity fraud: An applicant alters their identity or credit history, or uses a false identity.
READ MORE: https://magazine.realtor/daily-news/2018/09/17/6-types-of-mortgage-fraud-are-becoming-more-prevalent