Question:

Who is included in the mortgage fraud task force?

Answer:

Every state has their Mortgage Fraud Task Force - usually attorneys, the office of the Attorney General, the FBI, the IRS, and other officials from regulatory agencies for the real estate, consumer credit and banking services join forces to restrict and investigate mortgage fraud cases.

Mortgage Fraud Task Force representatives claim that mortgage fraud cannot take place without the active participation of loan officers, uncertified appraisers and borrowers.

The Mortgage Fraud Task Force have recently discovered that stated income documentation loans are often the ones allowing for an easy twist. Loan officers themselves or borrowers would submit false information, usually with highly inflated income.

To curb mortgage fraud practices, some states have passed legislation, demanding that lenders, brokers and loan officers inform borrowers of possible legal consequences of providing deliberately false information during the mortgage application process. Also, some states are trying to pass legislation, as the Mortgage Rescue Fraud Prevention Act, to assist borrowers in recognizing certain mortgage fraud and avoiding it.

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Common misspellings: mortage and morgage