House Bill 2040 is headed to the Governers desk. This bill makes mortgage fraud a felony. According to Inman News:

House Bill 2040 would make deliberate misrepresentations to lenders — such as inflated appraisals or falsified borrower incomes used to obtain loans that exceed a home’s true worth — class four felonies, punishable by up to three years in prison.

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Categories: Arizona, Banker, Broker, Fraud, Mortgages