Mortgage App Fraud On the Rise

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Home Property Mortgage Fraud on the Rise Again in the U.S.. New York, New Jersey and Florida remain the top three states for mortgage application fraud risk, maintaining the same positions as last year. All of the top 10 riskiest states showed increases in risk year over year.

 · Mortgage fraud increased by 13 per cent, the third fastest increase after personal loan (16 per cent) and consumer credit card (47 per cent) fraud, Equifax’s analysis reveals. Imelda Newton, general manager, said online fraud and an 80 per cent increase in stolen identities – the fastest growing type of fraud – are fuelling the rapid increase.

According to First American’s Loan Application Defect Index, the frequency of defects, fraud and misrepresentation in mortgage applications was up 4.1% month over month in February.

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Freddie Mac recognizes different categories of mortgage fraud including fraud for housing and fraud for profit. Fraud for housing To achieve this, the borrower’s income and/or assets will typically be inflated and further supported by false documentation pertaining to those particular sections in the mortgage application.

Mortgage application fraud The number of frauds against mortgages went up by 5.5 per cent in 2012 compared with 2011. First party frauds via fraudulent mortgage applications are by far the main route into this type of fraud rising by 5 per cent in 2012 to 3,142 reported cases.

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 · CoreLogic Reports a 16.9 Percent Year-Over-Year Increase in Mortgage Fraud Risk in the Second Quarter of 2017. As of the end of the second quarter of 2017, the report shows a 16.9 percent year-over-year increase in fraud risk, as measured by the.

Falsification of financial information. mortgage fraud perpetrators falsify a borrower’s financial information to qualify the buyer, who otherwise would be ineligible, for a mortgage loan. They specifically falsify the borrower’s income, assets, liabilities, employment, and occupancy status on loan documents.