Mortgage Fraud Risk Increased Over Q2
September 19, 2017
Mortgage fraud risk experienced a 16.9 percent year-over-year spike in the second quarter, according to new data from CoreLogic.
During the second quarter, CoreLogic found an estimated 13,404 mortgage applications, or 0.82 percent of all mortgage applications, were pockmarked with indications of fraud. In comparison, 12,718 mortgage applications, or 0.70 percent, had indications of fraud in the second quarter of 2016. New York led the states with the highest level of application fraud risk, while jumbo refinance loans had the greatest fraud risk by product.
“This past year we saw a relatively large increase in the CoreLogic National Mortgage Application Fraud Index,” said Bridget Berg, Principal in the Fraud Solutions Division at CoreLogic. “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 will continue to rise as well. Fraud on cash-out refinance transactions and home equity loans may become more of a factor in the coming years as home values and equity rise.”
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