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So, as refinance share increases, the overall risk of fraud decreases. New York, New Jersey and Florida remained the top three states for mortgage application fraud risk. For the first time since 2017.
Borrowers will go through the application and claim the subject property is a primary residence, rather than an investment property. Pricing for primary residences is generally more favorable than that of investment properties, and occupancy fraud is on the rise due to the surge of interest in rental properties and house flipping.
Protect Yourself – Mortgage Fraud is on the Rise July 27, 2018 Synergy Leave a comment The risk of fraud in mortgage application increased at the end of the second quarter, according to the latest quarterly Mortgage fraud risk index released by CoreLogic on Thursday.
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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Mortgage fraud risk is up across the country, according to the CoreLogic National Mortgage Application Fraud risk index (fri) for Q1 2017. The FRI is a measure of loan-application level fraud risk.
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Increasing numbers of people are lying on their mortgage application in an attempt to boost their chances of getting a loan,
There has been a rise in the number of fraudulent’ mortgage applications where people have lied or exaggerated information.
Mortgage fraud is on the rise, and here’s what that means to you. application fraud was found in one of every 122 mortgage applications during the first two quarters of 2017, according to Bridget Berg, CoreLogic’s senior director of fraud solutions strategy. During the same period in 2016, one of every 143 loan applications had signs of fraud.
Fraud and misrepresentation in mortgage applications is on the rise, according to new data from First American Financial Corporation. According to First American’s Loan Application Defect Index,
The Growth of Mortgage Fraud. Mortgage fraud is on the rise for multiple reasons: Rising Demand for Homeownership: U.S. homeownership rates hit 64.2%, according the the U.S. Census data released in January, 2018. Homeownership has been on the rise since 2016, when it hit a 50-year low of 62.9%.
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