Wholesale Lending Extinction? (opinion)

AZ Mortgage Fraud Bill  HB 2040, signed by Governor
The important message to the AAMB membership is that if they knowingly misstate a customer’s income on a loan application they may have committed a felony. “Knowingly,” in context of the bill, likely means that the customer says or gives the LO information that indicates they make $X but the LO sends the lender an application that says the customer’s stated income is $X+ for a loan where the LO knows the lender won’t independently verify the income.  Read the Bill HERE

Arizona Enacts Residential Mortgage Fraud Legislation

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