Red Flag Training 3/14/13

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Red Flag Training3/14/13Red Flag TrainingHomeBridgehascreatedthefollowingfraudprevention…
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Red Flag Training3/14/13Red Flag TrainingHomeBridgehascreatedthefollowingfraudprevention “redflags”trainingtooltohelpdetectearlywarningsignsofanyinconsistenciesthatshouldbequestionedandsupporting documentationshouldbeobtained.As partofourcommitment toworkingwithourSellerswe havedevelopedalistwhichis notall-inclusive,butcould potentiallyberedflagsthatmayindicatefraud.Red Flag TrainingWhilethepresenceofoneormore“redflags”donot necessarilyindicatetherewasfraudulentintent,we encourageSellers toimplementinternalpoliciestodetectand eliminatefraud.
  • Qualityisthepreventionofmortgagefraud,andHomeBridge is committedtoprovidingeffectivetrainingon how to:
  • Identifyanddetectmortgagefraud
  • Monitorandquestioninconsistenciesandrequire explanationandfurtherdocumentation
  • Red Flag TrainingExamplesofdiscrepancieslistedbelowinclude,butis notlimitedto, instances thatwouldrequireexplanationandpossiblyfurther documentation:
  • Fileinformationisnotconsistentthroughout
  • Thetransactionsinnotarmslength
  • Thepropertywastransferredinthelastsix(6)months
  • Signaturesvary fromdocumenttodocumentandarenotconsistentthroughoutthe file
  • Anowner-occupiedrefinancetransaction,howeveritwasdiscoveredtheborrower doesnotresideintheproperty
  • Currentresidencevalueisgreaterthanthevalueofthepropertytobepurchased
  • Isthepurchasepriceandvaluereasonableandconsistentwiththedownpayment andsellerincentives
  • Red Flag Training
  • Income,employmentorassetdocumentationindicateevidenceofalterations, misspellingsorerrors
  • Arethereanyfraudoractivedutycreditalertsor mismatchedinformationonthe creditreport
  • SocialSecuritynumberismismatchedortransposed(toaccessthefirstthreedigitsofthe SS numbersassignedthroughouttheUnited States,goto: www.ssa.gov/employer/stateweb.htm)
  • Ageoftheapplicantdoesnotmatchthecredithistory
  • ThereisanaddressmismatchedonthecreditreportorIRS transcripts
  • Applicant’s credit history shows accounts opened prior to his/her birth of SS issuance
  • Notice of credit freeze in response to request for a consumer credit report
  • Red Flag Training
  • Inconsistentactivitypattern(i.e.volumeofinquires,unusualnumberofrecently establishedcredit,changeintheuseofcredit,etc.)
  • Incomedocumentationdoesnotmatchthe1003orotherfileinformationsuchas addressonW-2’s,paystubsoremployerinformation
  • Purchasepriceisnotconsistentwith theapplicant’sincome(i.e.valueislessthan½ theborrower’sincome)
  • Photographorphysicaldescriptionisnotconsistentwith theappearanceofthe applicant
  • Signaturesondocumentsdonotmatch
  • A significantcommutingdistancebetweenapplicant’spropertyandemployer
  • Applicantispurchasinganinvestmentpropertyhoweverdoesnotownaprimary residence
  • Red Flag Training
  • Same telephone number for applicant and employer
  • Liabilitiesshownoncreditreportthatarenotonthe1003
  • Recentinquiriesfromothermortgagelenders
  • Numbersthatappeartobe“squeezed”onanyincomedocumentation
  • Evendollaramountinyear-to-date-orpast-yearearnings
  • Applicantreportingsubstantialincomebutnocashsavingsinbank
  • VOEis addressedtoaspecificindividual’sattention
  • Red Flag Training
  • Ontheappraisal,thecompsareasignificantdistancefromthesubject
  • Largepositiveadjustmentsaremadetocomparable properties
  • Appraisalisdatedbeforethesalescontract
  • Significantappreciationhasoccurredinashortperiodoftime
  • Illegiblesignaturesand/orvariationinfonttype
  • Red Flag Training
  • All informationprovidedis atahigh-leveltohelpquestionanddetect warningsigns ofmortgagefraud.
  • Sellersarerequiredtoconductacomprehensivereviewofall mortgageloanstoassess theaccuracyand integrityofall documents.
  • All loansshouldbereviewedtoensureprudentcreditunderwriting practicesandoverallrisk toevaluatethefive(5) C’s ofunderwriting:
  • Character
  • Capacity
  • Capital
  • Collateral
  • Conditions
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