Georgia Real Estate Continuing Education Georgia Mortgage Fraud

Georgia Mortgage Fraud

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  • Course Delivery: On Demand
  • Credit Hours: 3
  • Credit Type: General

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Description

This course provides an overview of 29 common mortgage fraud schemes and begins with an examination of Georgia Mortgage Fraud Law. Students will learn how to recognize when a property is being illegally flipped and predict when straw sellers and straw buyers are being used to commit fraud. The course also explores schemes involving shell companies, escrow accounts, "No Doc" loans, false IDs, and silent second mortgages. False money, neighborhood flipping, and fake comparables are also discussed. The course closes with a look at how perpetrators move money out of deals and use false documents.

 

Course Objectives

Upon completion of this course, the student will be able to:

- Define Georgia Mortgage Fraud Law; Recognize when a property is being illegally flipped; Predict when straw sellers and straw buyers are being used to commit fraud; Interpret the legal use of a quitclaim deed
- Recognize fraud using shell companies as straw buyers; Demonstrate the need for an escrow account when repairs need to be made to a property
- Recognize when straw buyers are used to obtain "No Doc" loans; Describe how straw buyers use false ID to obtain forgiving second mortgages; Discuss the importance of disclosing a silent second mortgage
- Recognize how straws obtain false money; Illustrate how fraud occurs without an attorney at closing; Describe how "flipping a neighborhood" works; Recognize fake comparables
- Recognize how perpetrators move money out of deals to themselves; Identify when false documents are being used, such as HUD-1, quitclaim, and security deeds; Demonstrate how bankruptcy is used to avoid foreclosure
- Define Georgia Mortgage Fraud Law; Recognize when a property is being illegally flipped; Predict when straw sellers and straw buyers are being used to commit fraud; Interpret the legal use of a quitclaim deed

 

Regulatory Information

Georgia Mortgage Fraud - Georgia Real Estate Commission and Appraisers Board

  • Name:
  • Georgia Real Estate Commission and Appraisers Board
  • Phone:
  • 404-656-3916
  • Fax:
  • 404-656-6650
  • Website URL:
  • http://www.grec.state.ga.us/
  • Email Address:
  • [email protected]
  • Address:
  • 229 Peachtree Street, N.E. International Tower, Suite 1000
  • City:
  • Atlanta
  • State:
  • GA
  • Zip:
  • 30303-1605
 

Prerequisites

There are no prerequisites required for this course.

 

End of Course Instructions

These credits count toward your Georgia Real Estate Continuing Education requirement, and your school of record will submit your credits to the commission upon receipt of the Course Evaluation Form.

 

Quiz Information

You are required to pass the quizzes to move on to the next lesson.

 

Exams

You will be required to pass the final exam with a 70% in order to receive course credit.

 

Got questions? Contact us below or call 877-881-2235

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