Mortgage fraud is a sub-category of financial institution fraud (FIF). This type of crime centers on forms of material misstatement, misrepresentation, or omissions related to the kinds of schemes that target traditional retail banks, credit unions, and other federally-insured financial institutions. These fraudulent actions often compromise users’ accounts or jeopardize an individual’s personal identifying information (PII).
Mortgage Fraud
The legal world characterizes this type of fraud as a falsehood used to influence a bank’s decision to approve a loan. This distortion can also lure a bank to accept a payoff at a reduced amount or agree to specific repayment terms. Additionally, the broadening of mortgage fraud’s definition includes scams targeting distressed homeowners.
Mortgage Fraud Attorney
Mortgage fraud is a federal offense which means that the consequences of this type of crime are usually much harsher than a crime prosecuted in a state court. Defending a case on the national level requires a background in federal law and experience in representing cases in federal crimes’ categories.
Mortgage Fraud Law in Minnesota
As of 2020, Minnesota statutes (609.822, and successive) have the following definitions and explanations concerning Residential Mortgage Fraud:
Mortgage Lending Process
This action occurs when the process through which a person seeks or obtains a residential mortgage loan takes place and includes the following terms and measures:
- Solicitation
- Application
- Origination
- Negotiation of terms
- Third-party provider services
- Underwriting
- Signing and closing
- Funding of a loan
Residential Mortgage Fraud Explained
According to the Minnesota Legislature, residential mortgage fraud, 609.822, occurs when:
(1) An individual knowingly makes or causes to be made any deliberate and material misstatement, misrepresentation, or omission during a mortgage lending process.
(2) An individual knowingly uses or facilitates the use of any deliberate and material misstatement, misinterpretation, or omission during the mortgage lending process.
(3) An individual conspires to violate clause (1) or (2).
Sentencing
The person who violates this section shall face sentencing as provided in section 609.52, subdivision 3, based on any person’s economic loss due to the violation.
The maximum sentence for this offense may not exceed two years.
Restitution repays persons aggrieved by the violation.
If the person who violates subdivision 2 had reason to know that the victim was vulnerable due to age, infirmity, or reduced physical or mental capacity. In that case, the court might order an aggravated departure under the sentencing guidelines.
Federal Criminal Defense Lawyer Minnesota
If you, a friend, or someone you care for finds themselves in a situation that includes a possible federal offense, you must get help from an experienced, wise defense attorney. Kevin DeVore is the lawyer to call if you live in Minnesota or nearby. Remember that a federal criminal conviction may lead to:
- A jail sentence
- Stiff federal fines
- A ruined reputation
- Difficulty in securing a job
- Difficulty in finding a place to live
St. Paul Criminal Defense Attorney
Mr. DeVore has been in the business of assisting individuals who find themselves facing criminal charges. He is well aware of the feeling of hopelessness his clients have faced. Fortunately, Kevin DeVore has made it his mission to give his clients the benefit of the doubt. He has worked diligently to ensure that every individual who asks for his help gets the best defense available.
Handling hundreds of trials has given Kevin the advantage of seeing how prosecutors and judges react to cases, process information, and how their mindsets work in court.
Criminal Attorney, Kevin DeVore
If you are looking for the best possible outcome, Kevin DeVore is the attorney for you. He knows the angles. Expert attorneys know the judges and prosecutors in the Minnesota courts. He has built criminal defense strategies that are difficult to find elsewhere. Contact the DeVore Law Office today.
Posted 25th March 2021 by DeVore Law Office