This month’s Business Bytes highlights mortgage fraud on the rise, overtime pay for employees, and what to do when you win the lottery.
Increased Mortgage Fraud. Despite many of the protections established after the 2008 real estate meltdown, state and federal regulatory agencies report a rise of mortgage fraud, primarily false representations to lenders about borrower qualifications, residency requirements, and fabricated property records to secure loans or reduce interest rates. Whenever applying for credit, be sure to check the accuracy of all information that is provided about you, your business, and the loan’s purpose to avoid trouble. READ MORE.
Overtime Pay. The Department of Labor recently updated its overtime rules and employers should ensure compliance. Most states also have rules on overtime obligations that usually follow the Department of Labor guidelines. Be sure you are in compliance to prevent employee suits (often class actions) and government enforcement actions. READ MORE.
Lottery Winnings. Don’t let the excitement of owning the winning ticket get the better of you. Take your time and get proper legal and tax advice before you claim your winnings and before being confronted with the notoriety of the win. READ MORE.
