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At MortgageDepot.com we take our responsibility to originate quality loans very seriously and expect all parties associated in our transactions to do the same.  We wish to take this opportunity to remind our borrowers of what mortgage fraud is as well as reminding you to be alert for some of the common “red flags” that may indicate the presence of misrepresentation or fraudulent activity.

Mortgage fraud requires two parties: the first party may misrepresent/withhold information or make a false statement with intent of securing approval or more favorable terms on a potential transaction.  The second party relies on the information presented and makes a decision in good faith based on the assurance that the information provided was accurate.

Mortgage fraud can be and often is very expensive, both from a financial perspective and from a reputation standpoint as well.  If a mortgage is obtained based on misleading information, it was obtained under false pretenses and is classified as a fraudulent transaction.  It is the responsibility of all parties involved in the transaction to ensure the information being delivered for a loan approval is complete, genuine and authentic.  At MortgageDepot.com, we expect our partners to review all documentation prior to submitting.  If something looks questionable on a loan you have submitted to us, we must take action immediately!  We have access to many resources and can assist in determining a resolution.

Here are some of the more common examples of Red Flags for Mortgage Fraud that we ask our partners  and borrowers to be on the lookout for:
–      Sales Price above fair market value
–      Contract or application showing various changes or alterations
–      Identity Theft alerts
–      Straw Buyer
–      Down Payment – multiple sources including gifts will cause more reasons for concern
–      Employment/ Income Verification:
o   Shell or fabricated company that has no on-line presence or listed in phone directory
o   Employment letters – are there spelling errors?  Does the income on the job letter match the paystub?  Does YTD income support weekly/ OT pay?
o   Paystubs: are numbers rounded off?  Does weekly pay match year to date totals?  Do numbers reconcile with VOE, 1040’s and W-2?
o   Bank Statements: Do deposits match the “net pay” figures in pay stubs?

We are serious about detecting Mortgage Fraud and will not tolerate it. Please be honest in all that you do and all will be smooth.

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New York State Department Of Financial Services
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