What Is Mortgage Fraud?

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Yale","sameAs":"https://www.businessinsider.com/author/aly-yale"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What is Mortgage Fraud?","alternativeHeadline":"Mortgage Fraud: Types, Warning Signs, and How to Protect Yourself","image":{"@type":"ImageObject","url":"https://i.insider.com/62a3aa3ca464ed00195814e2?width=1200&format=jpeg","width":1200,"height":898},"name":"Mortgage Fraud: Types, Warning Signs, and How to Protect Yourself","datePublished":"2024-07-22T19:51:18Z","dateModified":"2024-07-22T19:51:18Z","description":"Learn about mortgage fraud, its types, warning signs, and how to protect yourself. Stay informed and secure your finances.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.Mortgage fraud is a serious offense, and it's one that borrowers and homeowners can both commit and be victims of.When fraud is committed by mortgage borrowers, it's often because they wanted to buy a home but believed their finances would prevent them from qualifying for a mortgage.Things like lying on your mortgage application or misrepresenting your income to your mortgage lender are considered mortgage fraud and come with serious legal repercussions.But borrowers and homeowners can also be victims of fraudsters looking to profit off of individuals going through a confusing or stressful process. Homeowners who are behind on their mortgage payments or are facing foreclosure are especially vulnerable, as some of the most common mortgage fraud schemes target distressed homeowners.Mortgage fraud involves providing false or deceptive information to a lender in order to get a mortgage. The FBI defines mortgage fraud as \"a lie that influences a bank's decision.\" Scams that target homeowners facing foreclosure also fit the FBI's definition of mortgage fraud.Mortgage fraud falls into two categories: fraud for profit and fraud for housing. Fraud for profit is often committed by people who work in the mortgage industry, such as loan officers, appraisers, or real estate attorneys. The aim of scams that fall under this umbrella is to make money. The FBI prioritizes investigating cases involving fraud for profit. Fraud for housing is typically committed by borrowers. Fraud for housing, as the name suggests, involves providing false information to mortgage lenders in order to buy a house. Here are some examples of common mortgage fraud schemes:Income fraud involves inflating your income on your mortgage application with the goal of being able to buy a home for a larger amount than you'd typically qualify for. This is a type of fraud for housing.Borrowers typically get lower interest rates and can make lower down payments on properties they intend to live in as their primary residences.If an individual intends to use a home as a second home or investment property but tells their lender they'll be using it as their first home, they've committed occupancy fraud.Appraisal fraud occurs when an appraiser doesn't value a property according to its actual market value. Because lenders won't lend more than what an appraisal says a home is worth, appraisals may be artificially inflated so that the market value matches the home price. Unscrupulous appraisers can also artificially lower the market value of a home so that the purchaser can buy the home at a lower price and then turn around and sell it for a profit.This type of fraud occurs when someone buys a property for someone who would be unable to qualify for it themselves. The buyer does not intend to use or live in the home, but pass it off to the other party after closing.With rising mortgage rates and high home prices, buying a home has become less affordable. \"Historically, fraud becomes a bigger issue for the mortgage industry during times of strong or weak mortgage application activity,\" says Nick Larson, senior director of strategy and business development at LexisNexis Risk Solutions. \"This can tempt consumers to falsify income, liabilities, and occupancy in order to improve the chances of securing a higher-dollar mortgage.\"Financial institutions monitor for signs of fraudulent activity by carefully verifying all the information they receive from applicants.Suspicious documentationFinancial documents can easily be forged or falsified, so lenders have processes in place for verifying the information on these is correct. For example, a lender will verify the information you provide about your income by requesting your tax transcript directly from the IRS. Some lenders also have the ability to pull information about your assets directly from your bank with your permission.Unusually high appraisals or far away propertiesLenders will also look for suspicious activity related to the specific transaction. For example, if you're buying a house to be used as your primary residence that's several hours away from where you work, and you're not a remote worker, that can be a red flag. Or if a home appraises for a significantly larger amount than what other similar homes in the area are valued at, that would call for further investigation, too.Players in a transaction may feel pressured to get a deal done or a loan closed, which can also lead to mortgage fraud in some cases.Fortunately, there are steps you can take to protect yourself against potential mortgage fraud. You can:Don't guess on your mortgage application. Verify every piece of information you enter, and make sure you have official documentation to back it up. If you're unsure of what an application is asking for or what documentation is needed, ask your loan officer. It's better to ask questions than to provide something incorrect and face future fraud charges. Homeowners who are behind on their payments and at risk of foreclosure need to be especially vigilant, as they're more likely to be targets of mortgage fraud.\"Don't engage unsolicited businesses, meaning anybody that you haven't reached out to first,\" Angel Hernandez, vice president of Industry and Regulatory Affairs at Stavvy, says.If a company advertises help with loan modifications or loss mitigation, check with your lender or servicer first to find out if that company is reputable.You can ensure you're working with reputable companies by using a HUD-approved housing counselor. These counselors offer free or low-cost advice. If you're approached by a company that charges large fees to help you, they likely aren't reputable.To find a HUD-approved housing counselor, you can search online or call 1-800-569-4287.You can also avoid scams by working proactively with your mortgage lender or servicer. Homeowners can often be afraid of talking to their lender when they're behind on mortgage payments, but the lender is often best situated to help you avoid a loss.Hernandez also says that although borrowers are often hesitant to reach out to them, lenders and servicers want to help their borrowers resolve delinquencies. \"A success for the servicer is directly tied to the success of the homeowners that they are serving,\" Hernandez says.There are a few different entities you can reach out to for reporting mortgage fraud, according to the Department of Justice.To make a report with the FBI, contact your nearest field office or call 1-800-225-5324. You can also make a report online.The Department of Housing and Urban Development accepts tips via its hotline. Call 1-800-347-3735.If you believe you're being targeted by a foreclosure-related scam, you can reach out to the Homeownership Preservation Foundation's HOPE Hotline at 1-888-995-HOPE (4673).The Federal Trade Commission also has a website where you can report fraud.Mortgage fraud can have serious consequences, both legally and financially. Mortgage fraud penalties include:Depending on the amount of money involved, mortgage fraud can constitute a felony. If you're convicted of mortgage fraud, you could face prison time. According to the United States Sentencing Commission, the average sentence for mortgage fraud in 2021 was 14 months. Nearly three-quarters of those convicted were sentenced to prison.You also may owe fines for mortgage fraud. These can include both federal and state fines, ranging from a few thousand dollars to up to $1 million.Finally, mortgage fraud can limit your financial options moving forward. Lenders will be unlikely to extend a mortgage or other loan once you've been charged with mortgage fraud. Mortgage fraud involves intentionally falsifying information on a mortgage application to obtain a loan.Common types of mortgage fraud include income fraud, occupancy fraud, appraisal fraud, and straw buyer schemes.Look for warning signs such as suspicious documentation, unusually high appraisals, and pressure to commit fraud.Report any suspicious activity to the appropriate authorities and work with reputable professionals to verify information.Consequences can include criminal and civil penalties, as well as negative impacts on your credit and finances.","articleSection":"Personal Finance, Loans, Mortgages","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is mortgage fraud?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Mortgage fraud involves intentionally falsifying information on a mortgage application to obtain a loan.</p>"}},{"@type":"Question","name":"What are common types of mortgage fraud?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Common types of mortgage fraud include income fraud, occupancy fraud, appraisal fraud, and straw buyer schemes.</p>"}},{"@type":"Question","name":"How do I go about identifying mortgage fraud?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Look for warning signs such as suspicious documentation, unusually high appraisals, and pressure to commit fraud.</p>"}},{"@type":"Question","name":"What should I do if I suspect mortgage fraud?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Report any suspicious activity to the appropriate authorities and work with reputable professionals to verify information.</p>"}},{"@type":"Question","name":"What are the consequences of mortgage fraud?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Consequences can include criminal and civil penalties, as well as negative impacts on your credit and finances.</p>"}}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.businessinsider.com/personal-finance","name":"Personal Finance"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.businessinsider.com/personal-finance/mortgages","name":"Mortgages"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.businessinsider.com/personal-finance/mortgages/mortgage-fraud","name":"Mortgage Fraud: Types, Warning Signs, and How to Protect Yourself"}}]} </script> <script>window.allScripts = window.allScripts || []; window.allScripts.push({ type: "load", script: 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It often indicates a user profile.</desc> <path class="account-icon-path" fill-rule="evenodd" clip-rule="evenodd" d="M9 0C6.23858 0 4 2.23858 4 5C4 7.76142 6.23858 10 9 10C11.7614 10 14 7.76142 14 5C14 2.23858 11.7614 0 9 0ZM6 5C6 3.34315 7.34315 2 9 2C10.6569 2 12 3.34315 12 5C12 6.65685 10.6569 8 9 8C7.34315 8 6 6.65685 6 5Z" fill="#0a0a0a"/> <path class="account-icon-path" d="M5 12C3.67392 12 2.40215 12.5268 1.46447 13.4645C0.526784 14.4021 0 15.6739 0 17V19C0 19.5523 0.447715 20 1 20C1.55228 20 2 19.5523 2 19V17C2 16.2043 2.31607 15.4413 2.87868 14.8787C3.44129 14.3161 4.20435 14 5 14H13C13.7956 14 14.5587 14.3161 15.1213 14.8787C15.6839 15.4413 16 16.2044 16 17V19C16 19.5523 16.4477 20 17 20C17.5523 20 18 19.5523 18 19V17C18 15.6739 17.4732 14.4021 16.5355 13.4645C15.5979 12.5268 14.3261 12 13 12H5Z" fill="#0a0a0a"/> </svg> <span class="account-btn-label">Login</span> </div> </div> </div> </div></nav> </div> <section class="container mobile-padding"> <section class="row" role="main" > <section id="l-content" class="is-right-rail content-with-sticky-toc" data-track-page-area="Post" data-post-content > <section class="row"> <div class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/personal-finance" class="" data-track-click="{"product_field":"Personal Finance","element_name":"breadcrumbs","event":"navigation"}" > Personal Finance </a> <svg class="svg-icon chevron-icon post-breadcrumbs-chevron rotate270" data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#0a0a0a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/> </svg> <a href="/personal-finance/mortgages" class="" data-track-click="{"product_field":"Mortgages","element_name":"breadcrumbs","event":"navigation"}" > Mortgages </a> </span> </div> <h1 class="post-headline ">Mortgage Fraud: Types, Warning Signs, and How to Protect Yourself</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Molly Grace" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/molly-grace" >Molly Grace</a></span> and <span class="" data-e2e-name="Aly J. Yale" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/aly-yale" >Aly J. Yale</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/sarah-silbert" >Sarah Silbert</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-22T19:51:18Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-22T19:51:18Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="share" data-location=""> <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 3.5v3.16h1.469v-3.16a2.05 2.05 0 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falls into two categories: fraud for housing and fraud for profit.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > Stewart Cohen/Getty Images </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon " data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/> </svg></span> </div> <menu class="sticky-toc-dropdown helpfulness-mobile-toc"> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#what-is-mortgage-fraud?" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What is mortgage fraud? </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#types-of-mortgage-fraud" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Types of mortgage fraud </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#warning-signs" 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<div class="sticky-toc-aside-wrapper"> <ul class="sticky-toc-aside js-sticky-toc-aside" data-component-type="sticky-toc"> <li> <a href="#what-is-mortgage-fraud?" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What is mortgage fraud? </a> </li> <li> <a href="#types-of-mortgage-fraud" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Types of mortgage fraud </a> </li> <li> <a href="#warning-signs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Warning signs </a> </li> <li> <a href="#how-to-protect-yourself-from-mortgage-fraud" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How to protect yourself from mortgage fraud </a> </li> <li> <a href="#legal-consequences-of-mortgage-fraud" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Legal consequences of mortgage fraud </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p class="headline-regular financial-disclaimer">Affiliate links for the products on this page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/mortgages/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate mortgages</a> to write unbiased product reviews.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>Scams targeting homeowners facing foreclosure are some of the most common types of mortgage fraud.</li> <li aria-level="1">Both borrowers and homeowners can commit mortgage fraud — or they can be victims of it.</li> <li>Lying on your mortgage application can also be a form of mortgage fraud.</li> </ul><p>Mortgage fraud is a serious offense, and it's one that borrowers and homeowners can both commit and be victims of.</p><p>When fraud is committed by mortgage borrowers, it's often because they wanted to buy a home but believed their finances would prevent them from qualifying for a mortgage.</p><p>Things like lying on your mortgage application or misrepresenting your income to your <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders" data-analytics-product-module="body_link" rel="">mortgage lender</a> are considered mortgage fraud and come with serious legal repercussions.</p><p>But borrowers and homeowners can also be victims of fraudsters looking to profit off of individuals going through a confusing or stressful process. Homeowners who are behind on their mortgage payments or are facing <a href="https://www.businessinsider.com/personal-finance/what-is-foreclosure" data-analytics-product-module="body_link" rel="">foreclosure</a> are especially vulnerable, as some of the most common mortgage fraud schemes target distressed homeowners.</p><h2 data-toc-label="What is mortgage fraud?" id="what-is-mortgage-fraud?" class="toc-anchor"><strong>What is mortgage fraud?</strong></h2><p>Mortgage fraud involves providing false or deceptive information to a lender in order to <a href="https://www.businessinsider.com/personal-finance/how-to-get-a-mortgage" data-analytics-product-module="body_link" rel="">get a mortgage</a>. The FBI defines mortgage fraud as "a lie that influences a bank's decision." Scams that target homeowners facing foreclosure also fit the FBI's definition of mortgage fraud.</p><h2 data-toc-label="Types of mortgage fraud" id="types-of-mortgage-fraud" class="toc-anchor"><strong>Types of mortgage fraud</strong></h2><p>Mortgage fraud falls into two categories: fraud for profit and fraud for housing. Fraud for profit is often committed by people who work in the mortgage industry, such as loan officers, appraisers, or real estate attorneys. The aim of scams that fall under this umbrella is to make money. The FBI prioritizes investigating cases involving fraud for profit. </p><p>Fraud for housing is typically committed by borrowers. Fraud for housing, as the name suggests, involves providing false information to mortgage lenders in order to buy a house. </p><p>Here are some examples of common mortgage fraud schemes:</p><h3>Income fraud</h3><p>Income fraud involves inflating your income on your <a href="https://www.businessinsider.com/personal-finance/documents-needed-for-mortgage-application" data-analytics-product-module="body_link" rel="">mortgage application</a> with the goal of being able to buy a home for a larger amount than you'd typically qualify for. This is a type of fraud for housing.</p><h3>Occupancy fraud</h3><p>Borrowers typically get lower interest rates and can make lower <a href="https://www.businessinsider.com/personal-finance/how-much-down-payment-for-a-house" data-analytics-product-module="body_link" rel="">down payments</a> on properties they intend to live in as their primary residences.</p><p>If an individual intends to use a home as a second home or <a href="https://www.businessinsider.com/personal-finance/investment-property-mortgage-rates" data-analytics-product-module="body_link" rel="">investment property</a> but tells their lender they'll be using it as their first home, they've committed occupancy fraud.</p><h3>Appraisal fraud</h3><p>Appraisal fraud occurs when an appraiser doesn't value a property according to its actual market value. Because lenders won't lend more than what an <a href="https://www.businessinsider.com/personal-finance/what-is-home-appraisal" data-analytics-product-module="body_link" rel="">appraisal</a> says a home is worth, appraisals may be artificially inflated so that the market value matches the <a href="https://www.businessinsider.com/personal-finance/home-prices-drop" data-analytics-product-module="body_link" rel="">home price</a>. Unscrupulous appraisers can also artificially lower the market value of a home so that the purchaser can buy the home at a lower price and then turn around and sell it for a profit.</p><h3>Straw buyer schemes</h3><p>This type of fraud occurs when someone buys a property for someone who would be unable to qualify for it themselves. The buyer does not intend to use or live in the home, but pass it off to the other party after closing.</p><h3 data-toc-label="Warning signs" id="warning-signs" class="toc-anchor"><strong>Warning signs of mortgage fraud</strong></h3><p>With rising <a href="https://www.businessinsider.com/personal-finance/average-mortgage-interest-rate" data-analytics-product-module="body_link" rel="">mortgage rates</a> and high home prices, buying a home has become less affordable. "Historically, fraud becomes a bigger issue for the mortgage industry during times of strong or weak mortgage application activity," says Nick Larson, senior director of strategy and business development at <a href="https://risk.lexisnexis.com/" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link">LexisNexis Risk Solutions</a>. "This can tempt consumers to falsify income, liabilities, and occupancy in order to improve the chances of securing a higher-dollar mortgage."</p><p>Financial institutions monitor for signs of fraudulent activity by carefully verifying all the information they receive from applicants.</p><p>Suspicious documentation</p><p>Financial documents can easily be forged or falsified, so lenders have processes in place for verifying the information on these is correct. For example, a lender will verify the information you provide about your income by requesting your tax transcript directly from the IRS. Some lenders also have the ability to pull information about your assets directly from your bank with your permission.</p><p>Unusually high appraisals or far away properties</p><p>Lenders will also look for suspicious activity related to the specific transaction. For example, if you're buying a house to be used as your primary residence that's several hours away from where you work, and you're not a remote worker, that can be a red flag. Or if a home appraises for a significantly larger amount than what other similar homes in the area are valued at, that would call for further investigation, too.</p><h3>Pressure to commit fraud</h3><p>Players in a transaction may feel pressured to get a deal done or a loan closed, which can also lead to mortgage fraud in some cases.</p><h2 data-toc-label="How to protect yourself from mortgage fraud" id="how-to-protect-yourself-from-mortgage-fraud" class="toc-anchor">How to protect yourself from mortgage fraud</h2><p>Fortunately, there are steps you can take to protect yourself against potential mortgage fraud. You can:</p><h3>Verify information</h3><p>Don't guess on your mortgage application. Verify every piece of information you enter, and make sure you have official documentation to back it up. </p><p>If you're unsure of what an application is asking for or what documentation is needed, ask your loan officer. It's better to ask questions than to provide something incorrect and face future fraud charges. </p><h3>Work with reputable professionals</h3><p>Homeowners who are behind on their payments and at risk of foreclosure need to be especially vigilant, as they're more likely to be targets of mortgage fraud.</p><p>"Don't engage unsolicited businesses, meaning anybody that you haven't reached out to first," Angel Hernandez, vice president of Industry and Regulatory Affairs at <a href="https://www.stavvy.com/" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link">Stavvy</a>, says.</p><p>If a company advertises help with loan modifications or loss mitigation, check with your lender or servicer first to find out if that company is reputable.</p><p>You can ensure you're working with reputable companies by using a HUD-approved housing counselor. These counselors offer free or low-cost advice. If you're approached by a company that charges large fees to help you, they likely aren't reputable.</p><p>To find a HUD-approved housing counselor, you can <a href="https://hudgov-answers.force.com/housingcounseling/s/" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link">search online</a> or call 1-800-569-4287.</p><p>You can also avoid scams by working proactively with your mortgage lender or servicer. Homeowners can often be afraid of talking to their lender when they're behind on <a href="https://www.businessinsider.com/personal-finance/average-mortgage-payment" data-analytics-product-module="body_link" rel="">mortgage payments</a>, but the lender is often best situated to help you avoid a loss.</p><p>Hernandez also says that although borrowers are often hesitant to reach out to them, lenders and servicers want to help their borrowers resolve delinquencies. "A success for the servicer is directly tied to the success of the homeowners that they are serving," Hernandez says.</p><h3>Report suspicious activity</h3><p>There are a few different entities you can reach out to for reporting mortgage fraud, according to the Department of Justice.</p><p>To make a report with the FBI, contact your nearest field office or call 1-800-225-5324. You can also make a report online.</p><p>The Department of Housing and Urban Development accepts tips via its hotline. Call 1-800-347-3735.</p><p>If you believe you're being targeted by a foreclosure-related scam, you can reach out to the Homeownership Preservation Foundation's HOPE Hotline at 1-888-995-HOPE (4673).</p><p>The Federal Trade Commission also has a website where you can <a href="https://reportfraud.ftc.gov/#/" target="_blank" rel="noopener" data-analytics-product-module="body_link">report fraud</a>.</p><h2 data-toc-label="Legal consequences of mortgage fraud" id="legal-consequences-of-mortgage-fraud" class="toc-anchor"><strong>Legal consequences of mortgage fraud</strong></h2><p>Mortgage fraud can have serious consequences, both legally and financially. Mortgage fraud penalties include:</p><h3>Criminal penalties</h3><p>Depending on the amount of money involved, mortgage fraud can constitute a felony. If you're convicted of mortgage fraud, you could face prison time. According to the United States Sentencing Commission, the average sentence for mortgage fraud in 2021 was 14 months. Nearly three-quarters of those convicted were sentenced to prison.</p><h3>Civil penalties</h3><p>You also may owe fines for mortgage fraud. These can include both federal and state fines, ranging from a few thousand dollars to up to $1 million.</p><h3>Impact on credit and finances</h3><p>Finally, mortgage fraud can limit your financial options moving forward. Lenders will be unlikely to extend a mortgage or other loan once you've been charged with mortgage fraud. </p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">Mortgage fraud FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is mortgage fraud? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Mortgage fraud involves intentionally falsifying information on a mortgage application to obtain a loan.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are common types of mortgage fraud? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Common types of mortgage fraud include income fraud, occupancy fraud, appraisal fraud, and straw buyer schemes.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How do I go about identifying mortgage fraud? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Look for warning signs such as suspicious documentation, unusually high appraisals, and pressure to commit fraud.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What should I do if I suspect mortgage fraud? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Report any suspicious activity to the appropriate authorities and work with reputable professionals to verify information.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are the consequences of mortgage fraud? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Consequences can include criminal and civil penalties, as well as negative impacts on your credit and finances.</p> </div> </div> </div><div class="ca-widget" data-token="x13d55880b64" data-s1="AMCID"></div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://secure.money.com/embeds/embedder.js?v=1" data-async="true" data-defer="true"></div> <section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="molly-grace"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of Molly Grace"> <noscript> <img src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Molly Grace</div> </a> <div class="post-author_title headline-regular">Mortgage Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership. </span><span><span class="headline-semibold">Experience</span></span><span>In addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.</span><span>She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them. </span><span>Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast <em>Home. Made</em>.</span><span>Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach. </span><span><span class="headline-semibold">Expertise</span></span><span>Molly is an expert in the following topics:</span><ul><li><span>Mortgages and mortgage lenders</span></li><li><span>Home equity</span></li><li><span>The housing market</span></li><li><span>The economy and the forces that impact mortgage rates</span></li><li><span>Budgeting and saving</span></li><li><span>Credit</span></li><li><span>Insurance</span></li><li><span>Retirement savings</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Molly earned a bachelor's degree in journalism from Indiana University. </span><span>She is based in Michigan and has a dog and two cats. </span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="aly-yale"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" alt="A headshot of writer Aly J Yale."> <noscript> <img src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Aly J. Yale</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.</span><span><span class="headline-semibold">Experience</span></span><span>Aly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.</span><span>Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report,  the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports. </span><span>Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).</span><span><span class="headline-semibold">Expertise</span></span><span>Aly’s areas of personal finance expertise include:</span><ul><li><span>Mortgages</span></li><li><span>Loans</span></li><li><span>Real estate</span></li><li><span>Insurance</span></li><li><span></span></li></ul><span><span class="headline-semibold">Education</span></span><span>Aly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.</span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/60a53ef9e25d05001880c7d2":{"contentType":"image/png","aspectRatioW":1200,"aspectRatioH":320}}" alt="LendingClub Logo"> <noscript> <img src="https://i.insider.com/60a53ef9e25d05001880c7d2?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> LendingClub LevelUp Savings Account </a> <span class="headline-semibold featured-product-sub-heading"> Earn 5.00% APY when you deposit $250 per month <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">Earn 5.00% APY when you deposit at least $250 per month, earn 4.00% standard APY if minimum isn't met.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - 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