Defects, fraud on the rise in January mortgage apps While defects and fraud were up in January, they’re still down dramatically from their 2013 peak. However, as the mortgage market shifts to.
The incidence of mortgage application fraud declined in the second quarter according to CoreLogic. The company’s Quarterly Mortgage Fraud Risk Index fell from 152 in the first quarter to 132 and is 11.
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The report shows an 11.4% year-over-year decrease in fraud risk at the end of the second quarter, as measured by the CoreLogic mortgage application fraud risk index, which is the first decrease since.
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.
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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Mortgage application fraud on the rise First party mortgage application fraud is one of the most common forms of fraud filed to the Cifas databases on a daily basis. The fraud is committed by the applicant as they attempt to obtain a mortgage that they know the lender will not sanction or to obtain a mortgage on improved terms.
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,
WASHINGTON (AP) – U.S. long-term mortgage rates rose slightly this week to their highest point in 12 weeks, though they.
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 Fraud Is Rising, With a Twist.
Q&A: Mortgage fraud and defects are on the rise First American Financial Corp., which provides title insurance and risk-management services to the real estate industry, regularly tracks the rate of defects and fraud in mortgage applications nationwide.