Case study
How much did the three investors manage to defraud banks out of?
$119 million
Around what year did fraud reports peak?
2021
Name one economic impact of mortgage fraud on society.
Financial losses or increased costs
What was the name of the property involved in their scheme?
The Williamsburg of Cincinnati
What was a possible reason for the spike in identity theft around 2020?
The pandemic
Name one prevention strategy that lenders could use to prevent mortgage fraud.
Stricter checks, using technology for data analysis, or education for brokers and agents
How did the investors deceive the banks regarding the property price?
They submitted fake documents and conducted two closings—one for the actual price and another with inflated prices.
What is the second planet from the sun
Venus
Why is education important for preventing mortgage fraud?
It trains brokers and agents to recognize signs of fraud.