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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.
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.
Fraudsters are shifting their tactics. A crackdown on card-present fraud means the bulk of fraudulent efforts have now turned to card-NOT-present fraud.
Mortgage App Fraud Risk Continues to Rise. Loan Application Defect Index 81 in April. June 5, 2017. By Mortgage Daily staff. During each of the past five months, the risk of fraud on applications for a residential loan has moved higher.
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Mortgage Fraud on the Rise More mortgage loan applicants are committing mortgage fraud by lying on their applications. Experts say a tight lending environment is to blame. Fraud in Loan Apps Up in February
Mortgage application fraud rose for the sixth successive year to a record high of 38 in every 10,000 applications, up 9 per cent from 2011. Around nine out of ten cases were people misrepresenting.
Which types of application fraud are most likely to rise these days and why? Holmes: There’s no doubt that the increased use of automated verification systems has helped mortgage companies.
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Mortgage Fraud Risk on the Rise. The analysis, as measured by the CoreLogic Mortgage Application fraud risk index, found during the second quarter of 2018, an estimated one in 109 applications.
Mortgage rates were on the rise in the week ending 12 th September. which is a measure of mortgage loan application volume.
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.
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.