Financial Strategies 1 of 3

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  1. what is a straw seller?
    is an individual who accepts a fee to falsely claim ownership to a property. Falsified documents are normally used to complete the transaction (title and deeds)
  2. what is a straw buyer?
    is an individual who accepts a fee to provide his/her name, ssn, and other personal information for use on a mortgage application,
  3. what does the phrase "caveat Emptor" mena?
    "BUYERS BEWARE" if the buyer is provided all the info and disclosures, they will ultimately be responsible for understanding the terms
  4. why is it important to check the back of pay stubs, bank statements and W-2 formst?
    to detect watermarks and printed fraud prevention patterns. Technology allows to produce hihg quality fraudulent documents. Most have incorporated prevention techniques
  5. what is the primary step in detecting mortgage fraud
    a thorough "common sense" analysis of the application information and documents relating to the mortgage loan request
  6. what is the most common type of mortgage fraud involving borrowers?
    fraudulent information on the loan application is the most coomon committed by borrowers
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Financial Strategies 1 of 3
2011-10-06 16:51:59


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