Mortgage fraud
Mortgage fraud is when someone lies, cheats, or tricks others while applying for or getting a loan that is backed by real property. This includes lying about important facts, hiding important facts, getting money from a deal they knew was dishonest, or pressuring someone who figures out the value of a property to change their number. Each time someone does this counts as a separate crime, and it is a class D felony.
Classifications stated in the statute. Actual outcomes vary.
570.310. Mortgage — — . — 1. A person commits the of mortgage fraud if he or she, in connection with the for or of a loan secured by , :
(1) Employs a device, scheme, or to defraud;
(2) Makes an untrue statement of a or omits to state a material fact necessary in to make the statement made, in the light of the circumstances under which it is made, not misleading;
(3) Receives any portion of the purchase, sale, or loan , or any other paid or generated in connection with a real estate closing that such person knew involved a violation of this section; or
(4) Influences, through or , the development, reporting, result, or of a real estate , except that this does not prohibit a mortgage lender, , , real estate , or other person from asking the to do one or more of the following:
(a) Consider additional property ;
(b) Provide further detail, substantiation, or explanation for the appraiser's value conclusion; or
(c) Correct errors in the appraisal report in with the .
2. The offense of mortgage fraud is a .
3. Each transaction in violation of this section shall constitute a separate offense.
4. Venue over any dispute relating to mortgage fraud or a or endeavor to engage in or participate in a pattern of mortgage fraud shall be:
(1) In the county in which the real estate is located;
(2) In the county in which any act was performed in furtherance of mortgage fraud;
(3) In any county in which any person alleged to have violated this section had control or possession of any proceeds from mortgage fraud;
(4) In any county in which a related real estate closing occurred; or
(5) In any county in which any document related to a mortgage fraud is filed with the .
5. The punishment imposed under this section shall be in addition to any punishment provided by law for the offense.
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Source & history notes
(L. 2008 H.B. 2188, A.L. 2014 S.B. 491) Effective 1-01-17
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.