Mortgage Fraud Is on the Rise

Experts report a jump in mortgage fraud for the sixth consecutive year. Individuals seeking mortgages can be tempted to falsify documents. They aim to give a false impression of where they are in regard to being lender-ready. While some make false claims about income, others hide credit information.

The demographic most involved with the fraud is most surprising. Middle class homebuyers, or those with a middle class mindset, are those looking to slide under the radar. These include professionals and skilled workers.

In the mean time, banks and other lenders are stepping up efforts of vigilance against such acts. The fall out of such vigilance will be observed in the underwriting portion of the mortgage request process. Underwriters will be on the look out for fraudulent documents. In most cases, they will exercise more thorough analysis of income and compatibility between documents and items that reveal earnings and other important information.

Avoiding fraud, or the accusation of it, is a matter of responsibly taking care of financial matters and keeping accurate documents. If you find that you are less than lender-ready, consult professionals that can help you get on track. Contact Avis Lending to get in touch with someone that can help you today.

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