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.
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Fraud and misrepresentation in mortgage applications is on the rise, according to new data from First american financial corporation. According to First American’s loan application defect Index,
Legacy approaches to fraud management have not kept pace with. Several converging trends have propelled the increasing scale, diversity, and complexity of fraud. cross-ownership of mortgage or card products correlates to lower fraud risk. onboarding processes and customer due diligence at the application stage.
“Fudging income numbers when completing a mortgage application is fraud. It also becomes a slippery slope for these people who may end up stretching themselves too thin.” While an exaggerated salary.
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Increasing numbers of people are lying on their mortgage application in an attempt to boost their chances of getting a loan, a report reveals.
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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.
Mortgage fraud is on the rise as more buyers are inflating their incomes in order to qualify for new purchases. Roughly one in every 109 mortgage applications has some indication of fraud.
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.
Mortgage application fraud is on the rise By Joanne Atkin in Features , Fraud 8th April 2013 0 CIFAS has published its latest Fraudscape report showing where the shifts in different types of fraudulent activity are occurring.
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