during a telephone application, david states he has 10% down to work with to buy a home in the mountains. he may use it himself occasionally as he loves to ski, but plans to use it primarily for weekly rentals. the mlo can only offer 75% ltv for a rental property, but 90% for a vacation/second home. the mlo decides to call this property a second home on the application. what type of mortgage fraud is this?

Question

06-10-2022
Business

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during a telephone application, david states he has 10% down to work with to buy a home in the mountains. he may use it himself occasionally as he loves to ski, but plans to use it primarily for weekly rentals. the mlo can only offer 75% ltv for a rental property, but 90% for a vacation/second home. the mlo decides to call this property a second home on the application. what type of mortgage fraud is this?

Sagot :

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