Finance
In Oklahoma, a mortgage lender who discovers after closing that the borrower misrepresented their income on the loan application may:
ADo nothing because the loan is already closed
BCall the loan due under an acceleration clause, report the fraud to law enforcement, and potentially pursue civil fraud claims against the borrower✓ Correct
COnly raise the interest rate
DTransfer the loan to OREC
Explanation
Misrepresentation on a loan application constitutes mortgage fraud. The lender can accelerate the note and demand full payment, report the crime to federal authorities, and pursue civil fraud remedies. Federal mortgage fraud carries serious criminal penalties.
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