Real Estate and Mortgage Fraud; Emerging Trends for 2016
4 clock hours
In this course we will review some new, local real estate and mortgage fraud cases and learn about emerging mortgage fraud scenarios including the following: collusion by industry insiders, inflating assets and income, bankruptcy fraud, debt elimination schemes, credit privacy number fraud, short sale fraud, identity theft, “the silent second,” house-jacking, equity skimming, bi-coastal investment clubs, affinity fraud, money laundering, using all cash to purchase a luxury home, and more.
Mortgage fraud schemes continue to emerge yet can be avoided through increased industry awareness. Here is a new, local case: WA State real estate broker is appraising homes without a license and lives with his loan originator girlfriend. What could possibly go wrong? Come to class and find out.
End Of Course Evaluations:
“Great class! Loved the real life case studies.”
“Time well spent.”
“Presented in a lively and engaging format. All info given was relevant to what’s going on in the market right now and great for me to have as a broker. I will bring back what I learned to my colleagues.”
“Really loved all the interaction. I was able to get all my concerns addressed.”
“Very interesting class. It is amazing how fraudsters profile their victims and co-conspirators. The psychological side is fascinating.”
“I had no idea that there was still so much opportunity for fraud in the real estate and mortgage industry.”
“Love all the handouts and printed material. Will save for future reference.”
“What an eye-opener. Class was taught in a concise and knowledgeable way.”All Scheduled Classes
Here is a list of links we may have discussed in this class.
Definition of Equity Skimming in WA State
NMLS Consumer Access (to look up the licensing status of a loan originator)
FinCEN (Financial Crimes Enforcement Network)
FBI website on mortgage fraud
Seattle HUD OIG (Office of the Inspector General)
Scroll down past the map and see the Seattle contact info toward the bottom