Georgia Mortgage FHA

Three questions:

(1) How much money can the seller rebate to the buyer that is not disclosed on the HUD-1 before it’s considered mortgage fraud?

(a) $5000
(b) 3% of the sales price
(c) Nothing
(d) There is no limit
(e) It depends on the deal
(f) None of the above
(g) All of the above

(2) On an application for a stated loan I can

(a) State only the gross income that shows on my W-2 even though I don’t show them
(b) Estimate my gross income before taxes from all income streams
(c) Put anything I want because it’s stated and I don’t have to prove it
(d) Include my total household income
(e) It depends on the deal
(f) None of the above
(g) All of the above

(3) I am not guilty of mortgage fraud even if it occurs if

(a) I am a licensed real estate professional
(b) I go to church with the underwriter
(c) I didn’t know that was mortgage fraud
(d) The attorney would have told me at the closing table if they saw fraud!
(e) It depends on the deal
(f) None of the above
(g) All of the above

Okay, so I’ve had a martini, a very fine cigar and a glass of California merlot wine all on the same night after a long day of blogging. Then my wife comes home from the office at 9 PM with seven (7) files for me to investigate.? I know I can’t stop it. It’s just too tempting. But dang, it sure does waste a lot of my time. And, if I don’t stop it and it’s in my portfolio? I can lose my ability to sell loans to that investor! That stinks. So I investigate. And I find. And I report.

We’re looking at hiring Rachel Dollar to help with Loss Prevention because people like THESE WONDERFUL PEOPLE continue to remain brain dead on what constitutes mortgage fraud.

— admin