- November 28, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: Keeping You Informed on the Latest Trends in Mortgage Fraud
In the past, mortgage fraud has been a hot topic, with reports of people falsifying their income in order to qualify for mortgages. However, I am interested to know if this type of fraud is still occurring at the same rate as before, or if measures are being implemented to crack down on this illegal activity.
AI Legalese Decoder can provide valuable insights into the current state of mortgage fraud. By analyzing legal documents, news reports, and industry trends, the AI Legalese Decoder can keep you informed about any changes in the prevalence of mortgage fraud. This tool can help you stay ahead of the curve and make informed decisions in the ever-evolving landscape of real estate and finance.
Additionally, the AI Legalese Decoder can help identify warning signs of potential fraud in mortgage applications, allowing you to take proactive measures to protect yourself and your investments. By leveraging advanced technology and natural language processing, the AI Legalese Decoder can help you navigate the complex world of real estate law and ensure that you are well-informed about the latest developments in mortgage fraud.
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Original Content:
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Rewritten Content:
AI Technology Revolutionizing Legal Research
The impact of AI technology in the legal industry cannot be overstated. The utilization of AI algorithms has completely transformed the way legal research is conducted, allowing for a more efficient and effective process. By employing sophisticated AI algorithms, legal researchers can process and analyze vast amounts of data with incredible speed and accuracy. This has significantly increased the efficiency and effectiveness of legal research, providing lawyers with quick and easy access to relevant case law and precedent to support their legal arguments and strategies.
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****** just grabbed a
ItÔÇÖs still a thing. Money talk, mortgage walks.
Stats on mortgage fraud
https://www.corelogic.com/intelligence/2023-mortgage-fraud-report/?ssp=1&setlang=en-CA&safesearch=moderate
Banks have significantly cut down on the fraud deals. Many fraud brokers have been blacklisted and a large amount of fraud enabling advisors at the branch level have been let go.
Yes, they ares still happens.
I’m pretty sure it’s still happening. But with rates so expensive, you can lie to qualify but you can’t lie about paying up monthly.
So I think it’s probably dying down just because mortgage is so expensive with rates the way it is right now.
OP…yes, ‘Brampton mortgage’ is alive and well. The operators have ‘an inside man’ in all sectors of banking and borrowing.
1. fake letters of employment
2. fake T4s
3. fake payslips
4. fake references
Depends where you are. If you are in Brampton, then “salt and pepper” definitely happens. In other municipalities, it may happen but you cannot be sure.
I thought mortgage fraud was only profitable if house prices are rising. Now that they are not, what would be the incentive?
Underwriter here. No more than before in my observations.
Its a thing in Brampton.
Have you been to Brampton lol
ItÔÇÖs still very prevalent.
Shady mortgage brokers charge a fee, usually 1.5% of the mortgage and falsify documents on behalf of the client.
They also have links inside the banks/credit unions, the inside guy gets a cut and guides the mortgage broker on what else needs to be supplied by the broker to get the mortgage approved.
Getting a mortgage is a joke, all you really need is down payment and they will make it happen.
Read about Brampton Mortgage
I would say it doesn’t. Basically because they fraud the stress test with fake income to take advantage of the very low interest rates that they believe the can afford with their real income and surf the steady price increase. Now they know they can’t afford the month payments and the prices are frozen or going down. There are less benefits in commit mortgage fraud those days.
Lol yes
It still happens. The cheapest solution is to put a lean on your house via a HELOC that you never draw from. The lender will make it much harder to do any shady business like title changes, but will also throw a fit when another lender wants in on the pie.
I think the awareness has shocked many how rampant it has become.
Due diligence is needed on realtors and certain areas of GTA. Heavier penalty on mortgage fraud, including deportation for abusers.
https://www.cbc.ca/news/canada/toronto/toronto-police-mortgage-fraud-investigation-1.6704719?ssp=1&setlang=en-CA&safesearch=moderate
https://www.cbc.ca/news/canada/toronto/short-term-rental-mortgage-fraud-1.6885034?ssp=1&setlang=en-CA&safesearch=moderate
https://www.cbc.ca/news/business/seniors-mortgages-marketplace-1.6795104?ssp=1&setlang=en-CA&safesearch=moderate
Is our children learning?
Why do you want to know if itÔÇÖs getting cracked down on more? Are you in the process of getting ready to commit mortgage fraud and youÔÇÖre weighing the risks?
Yes, someone known to me is earning is <100k, yet he got a mortgage of 900k. I didn’t ask him how but it is definitely fishy
If the person pays their mortgage on time, does it really matter?
Is Brampton code word for indian?
ItÔÇÖs call ÔÇ£true name fraudÔÇØ in the banking world and it happens more that you than you think. Credit cards and other product at a higher rate but when hit with one on the mortgage side, itÔÇÖs bad. They usually are the best of the best.
Mortgage fraud is legal now that the government has stopped mandatory stress tests for renewals…
I’m not sure about fraud but mortgage brokers about half a year ago took the salary I gave them and factored in very generous “future” raises. They were willing to lend me way more than I was comfortable with. I thought the whole thing was pretty sketchy and grey area.
Yeh happens everyday lol
Happens lots at TD and RBC
Yup, probably more prevleant now
https://www.google.com/amp/s/www.cbc.ca/amp/1.6614132
Its sad but it continues in this country..OSFI and other agencies are just fake!