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- 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
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