FF is a must have in almost all markets but needs be used and thought of correctly as Allen and Miguel noted.

If convicted of bank fraud you may be facing large fines of up to $1,000,000 and/or imprisonment of up to thirty years.Posted without comment.Okay, so one comment:Just because someone in your community says it's okay to do, better clear it with the feds first, or you may be talking with them later..This reminds me of a Subto in California that went bad and wasn't handled correctly. 

Both answers are correct.

Check with your lender to make sure you heard it correctly. 

However, a simple security system would deter this.Personal Safety -  I assume you are using their ID to run a background check and deciding if their history affects your safety, correct?

Is this correct? 

Was I correct in my statement?"...

I have used KBKG in the past but I currently use DIY cost segs, https://diycostseg.com/who-we-...I like them better than KBKG because if you make a mistake you can correct it.

In the latter case, I would still use QB to enter info provided by the 3P servicer and to maintain my general ledger for the lending business.

I'm going off the understanding that you still need to spend 500+ hours in the business to achieve material participation (please correct me if I'm wrong).