code as the growth in income reported on home-purchase mortgage. the ratio of mortgage application to IRS-reported income jumps for low income zip codes.
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According to Australia’s leading mortgage loan loss insurers, more than 50 per cent of all cases involving fraud relate to mortgage application documentation. Mortgage fraud is generally committed at two distinct levels. The first is the applicant level where the person applying for the mortgage initiates and commits the fraud.
Fraud is on the rise. The highest risk areas are staying stable. This blog is based on analysis of loan-application fraud risk the mortgage industry is experiencing as measured quarterly by the.
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Types of fraud. Broadly speaking, mortgage fraud falls into one of two categories: first, the opportunistically dishonest but otherwise genuine homeowner who provides false information during the mortgage application process to secure their loan, and second, that perpetrated by criminal gangs who have seized upon the opportunities for easy.
Application fraud occurs when criminals use stolen or fake documents to open an account in someone else’s name. The main driver of this is a result of data harvesting through various phishing.
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.
Ultimately, fraud and misrepresentation, especially in the mortgage application process, is likely to remain a serious and ongoing national problem.” Although many types of mortgage fraud are actually.
According to mortgage-fraud researchers. Falsifying income is the fastest- growing form of application fraud, but other types of misrepresentations also are on the rise, including occupancy fraud,
As of the end of the second quarter of 2017, the report shows a 16.9 percent year-over-year increase in fraud risk. it is likely that mortgage application fraud risk will continue to rise as well.
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The Growth of Mortgage Fraud. Mortgage fraud is on the rise for multiple reasons: rising demand for Homeownership: U.S. homeownership rates hit 64.2%, according the the U.S. Census data released in January, 2018. Homeownership has been on the rise since 2016, when it hit a 50-year low of 62.9%.
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