Mortgage App Fraud On the Rise

14 Jul    Home Buyer News

According to First American’s Loan Application Defect Index, the frequency of defects, fraud and misrepresentation in mortgage applications was up 4.1% month over month in February.

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Mortgage fraud is misrepresenting or omitting information on a mortgage application to obtain a loan or a larger amount than would have been obtained had the lender known the truth.

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Bridget Berg, the Senior Director of Fraud Solutions Strategy, says that as credit requirements loosen and LTVs on loans continue to rise, mortgage application fraud is going to continue to increase. Loan funding is getting more and more competitive.

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Fraud in connection with home mortgages is on the rise. fraud risk in the home mortgage field is up by 16.9 percent in the most recent 12-month period tracked by data analytics firm CoreLogic. And.

Residential mortgage production is down, which isn’t surprising given that interest rates have risen, as have home prices. But, somewhat surprisingly, mortgage fraud has spiked as. point who.

The application fraud figures will appear to be fewer but there is potentially a large amount of attempted application fraud that has escaped detection. mortgage application fraud . The number of frauds against mortgages went up by 5.5 per cent in 2012 compared with 2011. First party frauds via fraudulent mortgage applications are by far the main route into this type of fraud rising by 5 per cent in 2012 to 3,142 reported cases.

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The risk of fraud in mortgage applications increased 16.9% in the second quarter compared with the second quarter of 2016, according to CoreLogic’s mortgage fraud report. The increase is expected because applications for purchases now make up a greater share of total applications, due to the fact that refinances have been falling due to higher mortgage rates.

According to CoreLogic’s latest Mortgage Fraud Report, there was a 12.4 percent year-over-year increase in fraud risk at the end of the second quarter of 2018, as measured by the CoreLogic Mortgage Application Fraud Risk Index. The analysis found that during the second quarter of 2018, an estimated.

As of the end of the second quarter of 2015, CoreLogic reports an 8.9% year-over-year decrease in fraud risk, as measured by the Mortgage Application Fraud Risk Index. For the twelve months ending the.

The Rise of Mortgage Fraud: How to Spot Common Schemes. Mortgage fraud is rising, with criminals devising new schemes to separate people from their money. A difficult economy has placed many people in dire straits with their mortgages.

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