Mortgage App Fraud On the Rise

Fraudsters are shifting their tactics. A crackdown on card-present fraud means the bulk of fraudulent efforts have now turned to card-NOT-present fraud.

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.

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Mortgage App Fraud Risk Continues to Rise. Loan Application Defect Index 81 in April. June 5, 2017. By Mortgage Daily staff. During each of the past five months, the risk of fraud on applications for a residential loan has moved higher.

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.

According to CoreLogic’s latest mortgage fraud report, there was a 12.4 percent year-over-year increase in fraud risk at the end of the second quarter of 2018, as measured by the CoreLogic Mortgage application fraud risk index.

The claim comes from Cifas, a fraud prevention service, which says the five per cent rise took place over the first six.

Given the increase in mortgage fraud, we urge a continued focus on identity and. Make sure that the employer listed on the application actually exists.

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In the second quarter of 2017, an estimated one in every 122 mortgage applications contained fraud. In the second quarter of 2018, that estimate increased to one in every 109 mortgage applications. The overall risk of mortgage application fraud has increased 12.4% since last year, the report notes.

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.

Borrowers will go through the application and claim the subject property is a primary residence, rather than an investment property. Pricing for primary residences is generally more favorable than that of investment properties, and occupancy fraud is on the rise due to the surge of interest in rental properties and house flipping.

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.

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