Fraud risk is up, according to the latest CoreLogic Mortgage Fraud Report. According to the report and the corelogic mortgage application fraud Risk Index, mortgage risk is up 12.4 percent year.
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The number of cases of mortgage fraud has risen by 23 per cent year-on-year as potential homeowners go to extreme lengths to try to secure a mortgage. A total of 39 in every 10,000 mortgage.
‘Application fraud’ on the rise. 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 their financial circumstance, such as their credit history or employment status.
· The last few years have seen a dramatic increase in both loan origination fraud and wire transfer fraud. In this webinar, explore how these schemes are perpetrated, the red flags to look for, and how to implement fraud prevention procedures.
Mortgage Fraud is on the Rise. Peter Gallagher, Princeton Mortgage Wholesale. The risk of Mortgage fraud has increased more than 12 percent this year, and that was just at the end of Q2. We still must get the reports from Q3, and we have 3 months left this year that can still influence that trend.
A new analysis by CoreLogic shows an increased risk of mortgage application fraud associated with purchase loans while loans made for refinancing are showing decreased risk. Thus, as rates rise and.
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.
Regarding mortgage fraud, 13% of Canadians believe it’s fine to tell "a little white lie" when applying for a mortgage to get the home they want. And 16% say mortgage fraud is a victimless crime. Another 8% admitted they misrepresented the facts on a loan or credit application.