Mortgage Fraud Risk Down 11.4 Percent
September 11, 2019
Mortgage fraud risk was in decline during the second quarter, according to new data from CoreLogic.
During the second quarter, the CoreLogic Mortgage Application Fraud Risk Index recorded an 11.4 percent year-over-year decline, the first decrease since the third quarter of 2016. Approximately one in 123 mortgage applications, or 0.81 percent of all applications, contained indications of fraud, compared with one in 109, or 0.91 percent, during the second quarter of 2018.
New York, New Jersey and Florida remain the top three states for mortgage application fraud risk, although New Jersey outpaced Florida for the first time in two years and moved into the second highest position.
“The decrease in fraud risk mid-2019 appears temporary, based on unexpected interest rate drops and the resulting influx of low-risk refinance transactions,” said Bridget Berg, Principal of Fraud Solutions Strategy for CoreLogic. “The absolute number of risky loans has not decreased but are simply part of a larger mortgage market at this time.”
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