Prevent Mortgage Fraud in Applicant Level
There is no better way than to protect lenders by verifying all information directly passed to them. This doesn’t mean you have to accept documents at face value and end a so called “successful sale”.In applicant level, you can prevent mortgage fraud by spotting the following tips below.
1.) Make sure that the employer listed on the application actually exists. Based on the income confirmation letter, use the reverse directories on where you enter the phone number or address to find the company.
2.) Call the employer's payroll or human resources department and verify the information contained in the income confirmation letter.
3.) Google or MapQuest the company to make sure the address is appropriate for the type of business. This ensures the earnings claimed are reasonable for the profession or region.
Other than that, watch for special conditions. For example, is there work to be completed before closing? Are there kickbacks or rebates to be made after completion?
Once you know that such application is a tell tale sign of a fraud file, then you have prevented a mortgage fraud.
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