Zero Tolerance Loan Fraud Policy
NOTICE: ANY SUBMISSION OF INFORMATION TO MARQUEE FUNDING GROUP. KNOWINGLY CONTAINING FALSE INFORMATION IN CONNECTION WITH A MORTGAGE LOAN APPLICATION IS A FEDERAL CRIME
Mortgage fraud means a material misstatement, misrepresentation, or omission relied upon by Marquee Funding Group. to fund or not to fund a mortgage.Such mortgage fraud includes, but is not limited to, false information contained in identification and employment documents, false mortgagee or mortgagor identity, and fraudulent appraisals; theft of custodial funds, non-remitted payoff funds, misrepresentations of borrower funds, and property flipping where designed to falsely inflate property value.Possible mortgage fraud means that Marquee Funding Group has a reasonable belief, based upon a review of information available, that mortgage fraud may be occurring or has occurred. It is the intent of Marquee Funding Group’s Zero Tolerance Loan Fraud Policy (“Policy”) to support the industry’s and law enforcement’s efforts to eradicate residential mortgage loan fraud. Accordingly, by doing business with Marquee Funding Group, the Borrower, Broker, Realtor shall be directly responsible for the actions performed in the course of doing business with Marquee Funding Group. and for maintaining compliance with this Policy. Although loan fraud may be perpetrated in many forms, some of the most common examples are shown below:
• Identity theft• Submission of inaccurate or misleading information, including false statements on loan application(s) and falsification of documents purporting to substantiate credit, employment, deposit and asset information or personal information including identity, ownership/non-ownership of the real property;• The alteration or forgery of otherwise predominately accurate information;• Inaccurate representations of current occupancy or intent to maintain required occupancy as agreed in the security instrument;• Lack of due diligence or concern by borrower, realtor, broker, loan officer, interviewer or processor, including failure to obtain or divulge all information required by the application and failure to request further information as dictated by Borrower’s response to other questions. This could include the following examples: (i) simultaneous or consecutive processing of multiple owner-occupied loans from a single applicant where information differs on each application; (ii) permitting an applicant or interested third party to assist with the processing of the loan; and (iii) failure to disclose any relevant or pertinent information known to the Broker which could negatively impact the lending decision.
Marquee Funding Group specifically represents the integrity of its loan production to Marquee Funding Group’s investors’. Consequently, loans containing fraud or material misrepresentations negatively impact Marquee Funding Group’s business reputation and can severely strain investor relationships. The potential consequences for knowing participants of this practice are also very serious and Marquee Funding Group.’s position is a zero tolerance policy.
Examples of the possible consequences:
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