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Fraud Prevention is a must in the Mortgage Sector

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Fraud Prevention is a must in the Mortgage Sector

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  1. Fraud Prevention is a must in the Mortgage Sector

  2. Introduction • Ethical violations and criminal activities in various industries have always impacted the economy. The high stakes players like banking, financial, and housing sectors are vulnerable. Especially anything related to property attracts unlawful elements to steal, defraud, or cut corners as the high stakes in this sector act as bait. • The term fraud refers to the act of deliberate misrepresentation and deception. In a fraud, one party misrepresents information, facts, and figures to deceive another. Hence mortgage fraud is more than predatory lending practices that target certain borrowers.

  3. Housing or mortgage fraud is usually committed by either people or groups of investors who want to occupy a property as a primary residence and defraud via rental properties or commit appraisal fraud when flipping homes. • FundingShield offers industry-leading mortgage tech B2B & B2B2C for fraud prevention solutions that deliver transaction-level coverage against wire & title fraud, settlement risk, closing agent compliance & cyber threats. It also reduces operating costs and improves asset quality.

  4. How to save yourself from mortgage fraud • Avoid Paying Advanced Fees While reenlisting to restructure a mortgage, it is important to negotiate with your current lender, rather than outside or third party organizations. Never pay any funds upfront because the law generally prohibits advanced fees. • Never Transfer Title of Property The term title or deed is the evidence of ownership of a particular home. This makes deeds a prime target for several scams. It is highly recommended that you never put your property in a trust or in anyone else’s name if you wish to avoid becoming a victim of fraudulent title transfer. You must retain the property under your name to reduce any potential risks of mortgage fraud.

  5. Practice Caution to Avoid Mortgage Fraud Working with the people that you already know and trust is the best way to avoid fraud. It pays to practice caution and ideally you should have your documents reviewed by a certified housing counsellor to remove any chance of potential mortgage fraud. • Never Sign Documents with Blank Fields It is extremely important that you do not put your signature on a document containing blank lines, as missing content is a sign of mortgage fraud. Your official signature binds you to any document you sign; so you must read and review all loan documents. 

  6. FundingShield ensures wired funds are going to intended recipients and transactions are free of impact from cyber fraud, phishing, business email compromise, or title fraud. Their automation services leverage source data in real-time to confirm documents are valid and vendors are compliant with regulations. 

  7. THANKYOU…

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