Mortgage Tech
                     Fraud Prevention is a must in
the Mortgage Sector
Ethical  violations  and  criminal  activities  in  various  industries  have  always
impacted  the  economy.  The  high  stakes  players  like  banking,  financial,  and
housing sectors are vulnerable. Especially  anything related to property attracts
unlawful  elements  to  steal,  defraud,  or  cut  corners  as  the high stakes  in  this
sector act as bait.
The term fraud refers to the act of deliberate misrepresentation and deception. In
a  fraud,  one  party  misrepresents  information,  facts,  and  figures  to  deceive
another.  Hence mortgage fraud is  more than predatory lending practices that
target certain borrowers.
Housing or mortgage fraud is usually committed by either people or groups of
investors who want to occupy a property as a primary residence and defraud via
rental properties or commit appraisal fraud when flipping homes.
FundingShield  offers  industry-leading mortgage  tech B2B  &  B2B2C  for  fraud
prevention solutions that deliver transaction-level coverage against wire & title
fraud, settlement risk, closing agent compliance & cyber threats. It also reduces
operating costs and improves asset quality.
How to save yourself from mortgage fraud
Let’s  have  a  look  at  the  steps  you  can  take  to  prevent  yourself  from getting
duped:
Avoid Paying Advanced Fees
While reenlisting to restructure a mortgage, it is important to negotiate with your
current lender, rather than outside or third party organizations. Never pay any
funds upfront because the law generally prohibits advanced fees.
Never Transfer Title of Property
The term title or deed is the evidence of ownership of a particular home. This
makes deeds a prime target for several scams. It is highly recommended that you
never put your property in a trust or in anyone else’s name if you wish to avoid
becoming a victim of fraudulent title transfer. You must retain the property under
your name to reduce any potential risks of mortgage fraud.
Practice Caution to Avoid Mortgage Fraud
Working with the people that you already know and trust is the best way to avoid
fraud. It pays to practice caution and ideally you should have your documents
reviewed by a  certified housing counsellor  to remove any chance of  potential
mortgage fraud.
Never Sign Documents with Blank Fields
It  is  extremely  important  that  you  do not  put  your  signature  on a  document
containing blank lines, as missing content is a sign of mortgage fraud. Your official
signature binds you to any document you sign; so you must read and review all
loan documents. 
       FundingShield  ensures wired funds  are going to  intended recipients  and
transactions  are  free  of  impact  from  cyber  fraud,  phishing,  business  email
compromise,  or  title  fraud.  Their automation services  leverage  source  data  in
real-time  to  confirm  documents  are  valid  and  vendors  are  compliant  with
regulations.