(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.
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.
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%.
The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. As a result, misrepresentation and fraud are more likely on a loan.
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Mortgage fraud risk on the rise. Equity skimming.In this scam, an investor uses a straw buyer with false income documents, and false credit reports to obtain a mortgage loan in the straw buyer’s name. After closing on the property, the straw buyer signs the property over to the investor in a quit claim deed.
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.
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The report, which includes data from as early as 2010, also indicates that fraud has been on the rise throughout the post-crisis. it harder to get away with misrepresentations on a mortgage.
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Mortgage Fraud Is On The Rise: How to Avoid It. Even with title insurance lenders can lose a lot of money and legal cases can sometimes drag on for 6 or even 12 months with no resolution in sight. Identity Fraud, where a person’s identity is stolen and used to take loans out on vacant land or rental property.
Mortgage application fraud is on the rise. What does that mean for your chances of getting a loan? mortgage application fraud is on the rise. What does that mean for your chances of getting a loan?