Podcast
Questions and Answers
What is the most common type of fraud that occurs when an individual wishes to purchase a home with no intent to abscond with mortgage funds or fraudulently sell the property?
What is the most common type of fraud that occurs when an individual wishes to purchase a home with no intent to abscond with mortgage funds or fraudulently sell the property?
- Property misrepresentation for tax benefits
- Overstating liabilities on the mortgage application
- Income inflation to obtain mortgage financing (correct)
- False employment history to secure a mortgage
What is the impact of mortgage fraud on the Mortgage Brokerage industry?
What is the impact of mortgage fraud on the Mortgage Brokerage industry?
- Reduction in vulnerability to fraud
- Increase in mortgage products offered
- Scaling back products due to high fraud vulnerability (correct)
- Decrease in fraudulent loan applications
Which step can a Mortgage Agent take to assist in mortgage fraud prevention?
Which step can a Mortgage Agent take to assist in mortgage fraud prevention?
- Skipping employment and income verification
- Avoiding identity verification
- Conducting identity, employment, and income verification (correct)
- Neglecting credit and property verification
What is a common warning sign of identity fraud according to the content?
What is a common warning sign of identity fraud according to the content?
In what percentage of cases does Fannie Mae report misstatements about liabilities as a factual misstatement under fraud for shelter?
In what percentage of cases does Fannie Mae report misstatements about liabilities as a factual misstatement under fraud for shelter?
How does mortgage fraud harm the Borrower?
How does mortgage fraud harm the Borrower?
What is considered a warning sign related to the applicant's employment and income?
What is considered a warning sign related to the applicant's employment and income?
Why is it important for the Mortgage Agent to verify the directory listing for the applicant's business?
Why is it important for the Mortgage Agent to verify the directory listing for the applicant's business?
What might be a reason for a client insisting on meeting at a location other than the property to be mortgaged?
What might be a reason for a client insisting on meeting at a location other than the property to be mortgaged?
Why is it concerning if an applicant claims to have significant income but lacks assets?
Why is it concerning if an applicant claims to have significant income but lacks assets?
What action should the Mortgage Agent take if an applicant provides only a cellular phone for contact?
What action should the Mortgage Agent take if an applicant provides only a cellular phone for contact?
How can inconsistencies in an applicant's job letter affect their mortgage application?
How can inconsistencies in an applicant's job letter affect their mortgage application?
How does the Land Titles Assurance Fund assist homeowners who are victims of fraud?
How does the Land Titles Assurance Fund assist homeowners who are victims of fraud?
What is a recommended way for consumers to protect themselves from fraud?
What is a recommended way for consumers to protect themselves from fraud?
Why is it advised to destroy all personally identifiable documents using a paper shredder?
Why is it advised to destroy all personally identifiable documents using a paper shredder?
What purpose does a home inspection serve for a buyer of a resale home?
What purpose does a home inspection serve for a buyer of a resale home?
Why should consumers strive to withdraw cash only from their bank’s ATMs?
Why should consumers strive to withdraw cash only from their bank’s ATMs?
In what circumstances have some ATMs outside banks been compromised?
In what circumstances have some ATMs outside banks been compromised?
What is one of the recommendations for consumers regarding passwords?
What is one of the recommendations for consumers regarding passwords?
What have default insurers done to prevent mortgage fraud?
What have default insurers done to prevent mortgage fraud?
How has FSRA assisted the industry in preventing fraud?
How has FSRA assisted the industry in preventing fraud?
Where can the anti-fraud resources developed by MBRCC be found?
Where can the anti-fraud resources developed by MBRCC be found?
Which of the following is a warning sign of mortgage fraud related to an applicant's assets?
Which of the following is a warning sign of mortgage fraud related to an applicant's assets?
What is recommended for consumers to do with written password information?
What is recommended for consumers to do with written password information?
What is a red flag related to the source of down payment according to the text?
What is a red flag related to the source of down payment according to the text?
Which behavior indicates a lack of loyalty to traditional banking institutions?
Which behavior indicates a lack of loyalty to traditional banking institutions?
What step does OSFI mandate for its regulated entities to prevent fraud?
What step does OSFI mandate for its regulated entities to prevent fraud?
What is a concerning behavior related to the source of earnest/deposit money?
What is a concerning behavior related to the source of earnest/deposit money?
Which action is NOT suggested by OSFI guidelines to prevent fraud?
Which action is NOT suggested by OSFI guidelines to prevent fraud?
What scenario could raise suspicion related to bank statements according to the text?
What scenario could raise suspicion related to bank statements according to the text?
