Global Equity Alliance is Proud to Announce Our ZERO FRAUD Policy
Global Equity Alliance would like to announce our revised Zero Fraud Policy for 2012.
- (1888PressRelease) March 19, 2012 - Zero Tolerance Loan Fraud Policy:
Global Equity Alliance., utilizes a sophisticated suite of advanced software tools alongside stringent underwriting procedures to combat Loan Fraud and Identity Theft
NOTICE: ANY SUBMISSION OF INFORMATION TO GLOBAL EQUITY ALLIANCE KNOWINGLY CONTAINING FALSE INFORMATION IN CONNECTION WITH A PRIVATE MORTGAGE LOAN / FIRST TRUST DEED APPLICATION IS A FEDERAL CRIME
Mortgage fraud means a material misstatement, misrepresentation, or omission relied upon by GLOBAL EQUITY ALLIANCE to fund or purchase - or not to fund or purchase - 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 GLOBAL EQUITY ALLIANCE 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 GLOBAL EQUITY ALLIANCE's Zero Tolerance Loan Fraud Policy ("Policy") to support the industry's and law enforcement's efforts to eradicate residential Private Mortgage Loan / First Trust Deed fraud. Accordingly, by doing business with GLOBAL EQUITY ALLIANCE, the Borrower, Broker, Realtor shall be directly responsible for the actions performed in the course of doing business with GLOBAL EQUITY ALLIANCE 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:
•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.
GLOBAL EQUITY ALLIANCE specifically represents and warrants the quality and integrity of its loan production to GLOBAL EQUITY ALLIANCE's investors. Consequently, loans containing fraud or material misrepresentations negatively impact GLOBAL EQUITY ALLIANCE's business reputation and can severely strain investor relationships. The potential consequences for knowing participants of this practice are also very serious and GLOBAL EQUITY ALLIANCE's position is a zero tolerance policy.