Đạo đứcCâu 285 / 400
A borrower buying a second home tells the loan officer she will live in it as her primary residence to obtain a lower rate, though she plans to rent it out. This is an example of what type of mortgage fraud?
a.Appraisal fraud
b.Straw buyer fraud
c.Occupancy fraud
d.Identity theft
Giải thích
Misrepresenting how a property will be used (owner-occupied vs. investment) to obtain better loan terms is occupancy fraud, because occupancy status affects pricing and eligibility. Appraisal fraud involves inflating value, straw buyer fraud uses another person's name to hide the true buyer, and identity theft uses another person's information without consent.
Trích dẫn luật: Mortgage fraud (occupancy fraud)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- An applicant submits altered pay stubs showing $8,000 monthly income when he actually earns $4,000. What type of fraud is this?
- An investor with poor credit pays his cousin, who has good credit, to apply for a mortgage and take title, though the investor will make payments and control the property. The cousin is acting as a:
- A loan officer pressures an appraiser to 'hit' a value $40,000 higher than comparable sales support, so the loan will close. This is best described as:
- A fraudster uses a stolen Social Security number and driver's license to apply for a mortgage in someone else's name without their knowledge. This type of fraud is:
- In a fraud-for-profit scheme involving inflated appraisals and quick resales (flipping), who is typically harmed?
- A family exaggerates their income slightly so they can qualify to buy a home they intend to live in. This is generally categorized as:
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