Finance
Washington State's Mortgage Lending Fraud Prosecution Act makes mortgage fraud a felony. Mortgage fraud includes which of the following?
AMisstating income on a loan application✓ Correct
BPaying market-rate discount points
CChoosing a 30-year over 15-year mortgage
DMaking extra principal payments
Explanation
Mortgage fraud includes misrepresenting income, assets, property value, or occupancy on a loan application. Washington's Mortgage Lending Fraud Prosecution Act (RCW 19.144) makes knowing misrepresentation on a mortgage application a criminal offense.
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