False occupancy claims on mortgage
July 3, 2015

How Should Lenders Handle False Occupancy Claims on Mortgage Applications?

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Feigning occupancy to land a mortgage is the most common type of mortgage fraud perpetrated on lenders. On an average more than half of the claims made every year contain some level of occupancy misrepresentation. Such claims put lenders in a difficult situation, as based on their misrepresentations, lending institutions channel funds to close the real estate transactions. The smug notion that one white lie doesn’t really harm anyone is in fact a federal crime, and lenders should be prepared t

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Mortgage rates roundup June 2015
July 2, 2015

Mortgage Rates Roundup for June 2015

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As June draws to a close, we’re taking a look back at what’s happened to the mortgage industry over the course of the last month. Extreme market volatility has been a major factor for the entire industry lately, and it’s certainly had an impact on mortgage rates. As you might expect, any changes in the domestic and worldwide markets has repercussions that can be felt throughout the business world, and mortgage rates are no exception. Mortgage Rates Fluctuating Mortgage rates dro

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Bank of america’s supreme court win over underwater homes
June 30, 2015

The Implications of Bank of America’s Supreme Court Win over “Underwater” Homes

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In a recent judgment, the U.S. Supreme Court ruled that a second mortgage on an "underwater" home cannot be treated invalid during bankruptcy. To explain what this recent win means and how it affects lenders, it’s important to understand the history behind the concept of lien stripping. This means that homeowners who file for Chapter 7 bankruptcy are eligible to void or “strip off” a second mortgage on the home provided they meet guidelines. In order to be eligible for this, the debt owed

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