Field Guide to Mortgage Fraud (NAR Information Central)

(Updated May 2008)

How much does the typical REALTOR® earn in a year? The material listed here includes research studies from NAR's Research division, reader surveys by REALTOR® Magazine, and other sources offering details about the income of agents and brokers and what determines how much they make. (F. Heller, Manager, Archives & Virtual Library)

Contents: 

Median Gross Personal Income of REALTORS®  |  Articles and Surveys from NAR  |  Other Studies on REALTOR® Income  |  eBooks & Other Resources


Median Gross Personal Income of REALTORS®

YEAR Brokers/
Broker-Associates
Sales Agents ALL REALTORS®
2008 $65,200 $31,000 $42,600
2006
$73,700
$34,600
$47,700
2004
$52,800
$37,600
$49,300

Source: The 2008 National Association of REALTORS® Member Profile, (NAR - Research, 2008).


Articles & Surveys from NAR

REALTORS® Increasing Professionalism, Survey Shows, (NAR News Release, May 14, 2008).

REALTOR® income dips as newbies flood business, (REALTOR® Magazine Daily Real Estate News, May 10, 2007).

Rookies work more, earn less, (REALTOR® Magazine Online Exclusives, 2005).

Income and expenses: Size up your earnings, (REALTOR® Magazine, Feb. 2004).

Seventh annual business income-and-expense survey; Making it all add up; Pressure on commission rates keeps income from growing in record sales year, (REALTOR® Magazine, June 2002).

Is your piggy bank happy? Sixth annual business income and expense survey, (REALTOR® Magazine, Aug. 2001).

Where are you in the money game? REALTOR® Magazine's 5th annual business income and expense survey, (REALTOR® Magazine, Sept. 2000).


Other Studies on REALTOR® Income

Real Estate Brokers and Sales Agents, (U.S. Department of Labor, 2007).

Listing specialization and residential real estate licensee income, (Journal of Real Estate Research, January-March 2007, Vol. 29, No. 1). Q

The impact of information technology on real estate licensee income, (Journal of Real Estate Practice and Education, 2002).

U.S. real estate agent income and commercial/investment activities, (Journal of Real Estate Research, May/June 2001).

Determinants of real estate licensee income, (Journal of Real Estate Research, 1997). Q


eBooks & Other Resources

eBooks.realtor.org

The following ebooks and digital audiobooks are available to NAR members:

The 2003 National Association of REALTORS® Member Profile (Adobe eReader)

Books, Videos, Research Reports & More

The resources below are available for loan through Information Central.  Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10.  Call Information Central at 800.874.6500 for assistance.

Coaching, counseling and mentoring - how to choose and use the right techniques to boost employee performance, (New York, NY: American Management Association, 2007).  HF 5386 St7

Field Guides & More

These Field Guides and other resources in the Virtual Library may also be of interest:

Field Guide to Compensation Plans for Real Estate Agents

InfoCentral Blog


The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

 

 

 

 

 


Field Guide to

Mortgage Fraud


By Victoria Broady, Information Specialist

Questions or comments about this page?
NAR's Information Central is just a click away.

Have an idea for a new Field Guide? Click here to send us your suggestions!


Add to del.icio.us


C O N T E N T S

What is Mortgage Fraud?

Impact of Mortgage Fraud

Mortgage Fraud Prevention

Useful Websites

Books, eBooks & Other Resources

Mortgage fraud has mushroomed into one of the fastest-growing white-collar crimes in the country, leaving homebuyers on the hook with overpriced houses -- and leading to higher interest rates for everyone. Learn about the different types of mortgage fraud and discover how to recognize, prevent, and protect yourself from this growing epidemic.

WHAT'S THE PASSWORD?

- Articles marked with a red Q are provided by ProQuest for NAR members only. Please enter NAR's Proquest password if required.

- Articles marked with the REALTOR® "R" are available on Realtor.org. Your Realtor.org ID and password may be required.


What is Mortgage Fraud?

Mortgage Fraud: Recognizing the Signs , (National Association of REALTORS®).

Mortgage Fraud: If the deal sounds too good to be true, it probably is , (Columbus Board of REALTORS®, Mar. 2007).

How to spot Mortgage Fraud, (Florida REALTOR® Magazine, Mar. 2007).

How to Recognize Loan Fraud, (About.com, 2006).

Loan Fraud Alert, (REALTOR® Magazine, Dec. 01, 2006).

Shattered Dreams, (Builder, Oct. 2006).

MarketWatch: Home is Where the Mortgage Fraud Is, (Wall Street Journal, Apr. 9, 2006).

Mortgage Fraud Called 'Growing Epidemic', (REALTOR® Magazine, Feb. 14, 2006).

Mortgage Fraud Operation "Quick Flip", (Federal Bureau of Investigation, Dec. 14, 2005).

Educate Yourself on Mortgage Fraud, (REALTOR® Magazine, Nov. 2005).

Fighting Mortgage Fraud, (Mortgage Banking, Nov. 2005).

As Mortgage Fraud Rises, Brokers are Part of the Problem, (USBanker, Oct. 2005).

Appraisal Fraud: when property values are over-inflated, (Wisconsin Real Estate Magazine, June 2005).

Identity Thieves Target Growing Home Equity, (Real Estate Journal, 2005).

Mortgage Fraud, (Real Estate Council of Alberta, Apr. 2004).


National Resources for Reporting Mortgage Fraud and Scams

The Federal Trade Commission (FTC)
600 Pennsylvania Avenue,NW
Washington, D.C. 20580
Identity Theft Clearinghouse: (877)-438-4338.
Consumer Response Center: (877)382-4357

http://www.ftc.gov/ and FTC Identity Theft site
To file a Complaint

While the FTC does not actually resolve an individual consumer's problem, it does investigate mortgage fraud with the aim of leading to law enforcement action. The FTC is especially active regarding homeowner and mortgage 'identity theft'.

Federal Bureau of Investigation (FBI)
935 Pennsylvania Avenue, NW
Washington, D.C. 20535
Phone: 202-324-3000
http://www.fbi.gov/whitecollarcrime.htm

In conjunction with the 'White Collar Crime' department, the FBI investigates mortgage fraud, which often involves many professionals working in collusion: bank loan officers, real estate agents, appraisers, accountants, and mortgage brokers.

Source: Report Mortgage Fraud and Identity Theft




Impact of Mortgage Fraud

Mortgage Fraud Spreading, Blamed for Housing Bust, (RealtyTimes, May 18, 2007).

Facing the Cost of Mortgage Fraud, (The RMA Journal, Feb. 2007).

A Snapshot of Mortgage Fraud, (Community Banker, Feb. 2007).

Suspected mortgage fraud rose by 35 percent in 2005, (Mortgage Banking, Jan. 2007).

The Bonnie and Clyde of Mortgage Fraud, (Fortune, Nov. 13, 2006).

Market Analysis Indicates Mortgage Fraud to Worsen, (Originator Times, Mar. 6, 2006).

The Rise of Mortgage fraud and How it Impacts You, (Federal Bureau of Investigation, Dec. 14, 2005).

Mortgage fraud a burden, (deseretnews.com, July 26, 2005).

Mortgage fraud takes heavy toll, (Computer Crime Research Center, Apr. 21, 2005).


Mortgage Fraud Prevention

Stopping Fraud before it Starts, (Georgia Real Estate Fraud Prevention and Awareness Coalition).

MBA, FBI extend partnership to combat mortgage fraud, (Mortgage Banking, Apr. 2007).

The New Battle Against Fraud, (Mortgage Banking, Mar. 2007).

How to Spot Mortgage Fraud, (Florida REALTOR® Magazine, Jan. 2007).





Consumer Tips to Protect Against Mortgage Fraud, (National Notary Association, 2006).

Fighting the Good Fight Against Mortgage Fraud,(Mortgage Banking, Aug. 2006).

Fraud Prevention Best Practices, (Freddie Mac, Nov. 2005).

Fraud's Last Stop..., (Mortgage Banking, Sept. 2005).

How to Avoid Becoming a Mortgage Fraud Victim, (SmartPros.com, Mar. 2005).

Information for Victims and Witnesses who Report Fraud Crimes, (USDOJ, Dec. 28, 2004).

Tips to Protect Against Mortgage Fraud at Closing, (National Notary Association, Oct. 21, 2004).



Books, eBooks & Other Resources


eBooks.realtor.org

The following ebooks and digital audiobooks are available to NAR members.

The Art of the Steal, (OverDrive Audio Book)

Credit Smart, (Adobe eReader)

Investigating Identity Theft, (Adobe eReader)

Be Alert, Be Aware, Have a Plan, (Adobe eReader)

The Mortgage Answer Book, (Adobe eReader)





Books, Videos, Research Reports & More


The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.

An American Epidemic: Mortgage Fraud-A Serious Business, (New York, NY: iUniverse, Inc., 2005).







Other Field Guides & Power Tools


These Field Guides and Power Tools resources in the Virtual Library may also be of interest:

Field Guide to Identity Theft


Useful Websites

Stop Mortgage Fraud, (Mortgage Bankers Association) - Stopmortgagefraud.com has several features to help you avoid becoming a victim of mortgage fraud or abusive lending.

Annual Credit Report.com - This central site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

Mortgage Fraud Blog - Hosted and maintained by nationally recognized mortgage-fraud expert, Rachel Dollar, this blog delivers the daily buzz on mortgage fraud. Visitors can also learn about what mortgage lenders, real-estate professionals, law-enforcement agencies, legislators and community activists are doing to stop it.

The Office for Victims of Crime (OVC) - The OVC publishes literature on various victim situations, such as "mortgage fraud and identity theft".

Better Business Bureau - The Better Business Bureau aims at resolving complaints and keeping the public informed.



The material on this page is presented by
NAR's Information Central.



Updated June 2007


Need Help?


Visit the Realtor.org Customer Support page, chat with us online, or call NAR's Information Central at 1-800-874-6500.




The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.