The scheme is used by borrowers who don t have enough income to qualify for a regular mortgage, so they apply for a higher rate non-owner-occupied loan.
Source: National Mortgage News – A New Type of Occupancy Fraud: Fake Investors
National Mortgage News – A New Type of Occupancy Fraud: Fake Investors
We have so much mortgage fraud these days in Vancouver by foreign buyers it is shocking. The backlash has not been good and changes are coming by city hall and the province to change things. Thanks for the great content.