There are several mortgage lending services that address mortgage fraud, and being proactive and savvy to the common ways consumers try to "pull off" mortgage fraud is necessary. Watch out for these key indicators of potential mortgage fraud. LIABILITIES The applicant may have a second, undisclosed mortgage or may have inaccurately reported.
Common Red Flags Resources to Help You Combat Mortgage Fraud Fannie Mae is committed to working with our industry partners to help combat fraud by offering the following list of common red flags that may indicate mortgage fraud. Inconsistencies in the loan file are often a tip-off that the file contains misrepresentations.
"If the factors that influenced the increase continue, including a shift to purchase transactions and growing wholesale channel origination activity, it is likely that mortgage application fraud risk.
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.
CoreLogic said its Mortgage Application Fraud Risk Index now puts the. The second factor is a 16.8 percent increase in the share of loans.
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%.
A report by credit referencing company Experian last year shows mortgage fraud has been on the rise for six years in a row, with 38 in every 10,000 applications deemed to be fraudulent in 2013.
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(Heraldkeeper via COMTEX) — Mortgage fraud is on the rise, according to a new report from CoreLogic, a real estate data firm. Approximately one in every 109 mortgage applications.
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There was a significant increase in mortgage fraud risk at the end of the. of 2018, according to Corelogic's latest Mortgage Application Fraud.
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Unless you’re just really fond of orange jumpsuits, forget about lying on a mortgage application. Mortgage fraud pushes the cost of buying higher Mortgage fraud hurts lenders in a couple of.
Equifax Canada data suggests high-risk and suspected fraudulent mortgage activity is on the rise noting a 52 per cent increase in suspected fraudulent mortgage applications since 2013. According to data from Equifax’s enterprise fraud management solution, Falsified Account Statements’ and Falsified Documents’ were the most prominent application tags, as reported by investigators.
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