Mortgage App Fraud On the Rise

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The most recent CoreLogic Mortgage Fraud Report once again indicated that fraud risk is on the rise.The report cited a 12.4 percent year-over-year rise in their mortgage application fraud risk index, with income fraud risk reported up 22.1 percent as the highest increase in risk found.

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.

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.

The most recent CoreLogic Mortgage Fraud Report once again indicated that fraud risk is on the rise.The report cited a 12.4 percent year-over-year rise in their mortgage application fraud risk index, with income fraud risk reported up 22.1 percent as the highest increase in risk found.

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.

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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The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 4.4% in February compared with January and was up 14.5% compared with.

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. In the 1958 film Auntie Mame, the title character says, "Life is a banquet, and most poor suckers are starving to death!"

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.