Mortgage Fraud Frequent
There are many types of mortgage fraud and, while fraud usually occurs without the buyers knowledge, it can also occur with their knowledge.
"[Mortgage fraud] can also range to the individual who is directly involved in the scheme, the buyer that is aware of the fraud and is aware of the inflated appraisals," said Doug Ommen, Director of Missouri's Department of Financial Institutions.
Recognizing fraud is often difficult but it is the first step for realtors.
"I think [knowledge about fraud cases] would benefit me by just helping to ensure that every transaction that I help with is most likely to be a successful transaction," said Scott Heck, Realtor.