Real Estate Forums

rhoeb

This is a good Act because this will surely stop fraudulent acts from merciless people who trick their clients

michlele21

i think this is a good new.

real estate industry has lots of fraud activities.

johndale

I agree to that. Let's stop fraud by starting from ourselves and checking other people's welfare.

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Realtors

Pintu

The Stop Fraud Act defines a “mortgage professional” as;

==> Definition- As used in this section, the term `mortgage professional’ includes real estate appraisers, real estate accountants, real estate attorneys, real estate brokers, mortgage brokers, mortgage underwriters, mortgage processors, mortgage settlement companies, mortgage title companies, mortgage loan originators, and any other provider of professional services engaged in the mortgage process.

PENALTIES

==> CRIMINAL PENALTIES- Any mortgage professional who violates subsection (a) shall be fined not more than $5,000,000, or imprisoned not more than 35 years, or both.

==> CIVIL PENALTIES- Any mortgage professional who violates subsection (a) shall be liable for an amount equal to the sum of all finance charges and fees paid or payable by the natural person, financial institution, or purchaser who was defrauded unless the mortgage professional demonstrates that such violation is not material.

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