Types of Mortgage Fraud Occupancy Fraud
Types of Mortgage Fraud Occupancy Fraud :
Occupancy Fraud happens when a borrower declares on a home loan application that a property will be a primary or secondary home but is really an investment property.
Owners of investment properties are more likely to default on the loan than someone buying a home as a primary residence. This is the reason primary or secondary home loans usually have a lower interest rate than investment properties.
Misrepresenting the property’s purpose results in the lender incurring more risk under false pretenses, while the borrower gets a more favorable interest rate than he would otherwise receive.
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