Description

A straw buyer is an individual who makes a purchase on behalf of another person, and who has no intention of either using or controlling the purchased item—and gets paid for doing it. Organized crime uses straw buyers to purchase overvalued properties. Fraudsters abscond with the profits and leave the straw buyer responsible for the deficiency that will remain when the mortgage defaults.

Using presentation content and video from the 2013 Mortgage Fraud Summit, this 30-minute online course will provide brokers with information on:

• why the straw buyer plays such an important role in fraud.
• how this particular type of fraud works.
• how lawyers are prosecuting cases.

Content and video segments from a mortgage default insurer, a lender, and a lawyer are included. This course is offered free to members and offers 0.5 hours of professional development.