One of the more basic forms of mortgage fraud is known as "equity stripping." A major method of equity stripping is adding bogus costs and fees into loan packages.
The loan itself may not be predatory or even illegal, but the mortgage broker or another individual or company involved in the mortgage process will add unnecessary or even illegal fees to the actual loan or mortgage. This "packaging" or "overlay" of these unnecessary fees go straight into the pockets of the fraudsters.
Once again, this is another reminder as to why it is important to let an uninterested third party review closing documents.
The loan itself may not be predatory or even illegal, but the mortgage broker or another individual or company involved in the mortgage process will add unnecessary or even illegal fees to the actual loan or mortgage. This "packaging" or "overlay" of these unnecessary fees go straight into the pockets of the fraudsters.
Once again, this is another reminder as to why it is important to let an uninterested third party review closing documents.
NOTE: THE INFORMATION IN THIS BLOG IS NOT LEGAL ADVICE NOR
IS IT INTENDED TO BE LEGAL ADVICE. IF
THE READER HAS ANY LEGAL QUESTIONS, PLEASE REFER TO AN ATTORNEY.
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tausk
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