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