Which of the following would be considered reasons for mortgage fraud? Select all that apply. Responses overstated your income overstated your income understated your debts understated your debts lied about apartmentrental lied about apartment rental lied about employment lied about employment

All of the options listed could be considered reasons for mortgage fraud:Overstating your income:…

Answered: Which of the following would be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Which of the following is NOT a client protection principle? a. Methods that prevent client of over-indebtedness b. Privacy of client data c. Adequate safeguards to prevent aggressive or abusive treatment of clients d. The number of loans assigned to a loan officer
Discharge for qualified principal residence indebtedness (QPRI) is: Not likely to trigger cancellation of debt income. When the bank takes the home from the borrower to satisfy the mortgage debt. Available for a second home. A restructuring of a loan that allows the borrower to retain ownership of their home.
Individuals who believe they relied on misstated financial statements to make a decision andhave suffered losses as a result will issue an action known as aa. Breach of contract.b. Tort.c. Securities litigation.d. Constructive fraud.
how do companies account for bad debt? Why would they use an allowance account instead of directly crediting A/R? What are the various methods of accounting for bad debt? Describe the differences in how the expense is calculated.
How is your borrowing power affected when you are considered a "high risk"? There is a good chance that you will receive better loan terms and low interest rates. You might not qualify for a loan to buy a home, car, etc. You will pay lower interest rates. None of the above.
The theft, concealment, and conversion of personal gain of another's money, physical assets, or information is termed: A. Skimming B. Defalcation C. Larceny D. Fraud
A mortgage agent has been charged by FSRA of providing false or misleading information to a client. Given this scenario which of the following is a potential penalty? Select one: a. Up to a $200,000 fine b. Up to a $25,000 fine c. Up to a $500,000 fine d. Up to a $100,000 fine
True False Underwriters are persons or institutions to whom the proceeds of the policy are paid if a loss occurs.
TRUE OR FALSE 1) A contract procured by fraud during face to face negotiations with an impostor is void. 2) A contract procured by fraud by mail with an impostor is voidable. 3) A usurious loan is a valid loan.
3. Do you think garnishment at one's job is effective, in paying back the debt?
The objectives of a fraud investigation may include which of the following? Not getting the authorities involved Avoiding large insurance claims Posting embarrassing reports on social media Punishing the guilty and obtaining restitution
Question 5 Collateral is a valuable asset that is pledged to ensure loan payments. If you fail to repay the loan, the creditor may take your pledged asset. True False

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Which of the following would be considered reasons for mortgage fraud? Select all that apply. Responses overstated your income overstated your income understated your debts understated your debts lied about apartment rental lied about apartment rental lied about employment lied about employment