instances of online retail fraud are on the rise, having increased 30% from 2016 to 2017 alone. At the same time, financial.
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· Mortgage Occupancy Fraud On The Rise. In effect, the borrowers are being undercharged in terms of interest rates, given their lack of documented income. The borrowers thus shift risk from themselves to the lenders. Reverse occupancy fraud may also accompany other types of fraud, such as those of identity, assets and employment.
Identifying loan fraud is easy. Look for inflated appraisals, mortgage interest rates puffed based on biased credit scores, and inflated closing costs to the buyer. Remember, making a false statement to a mortgage lender is a crime. Run don’t walk when someone asks you to.
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· After remaining relatively flat for about a year, mortgage fraud is on the rise again, according to CoreLogic.
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.
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.
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Its annual publication of data – Fraudscape – showed that there were 2,495 cases of mortgage fraud in 2018, down from 3,039 in 2017, representing a yearly fall of 18 per cent. Application fraud.
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Mortgage fraud is misrepresenting or omitting information on a mortgage application to obtain a loan or a larger amount than would have been obtained had the lender known the truth.
Borrowers will go through the application and claim the subject property is a primary residence, rather than an investment property. Pricing for primary residences is generally more favorable than that of investment properties, and occupancy fraud is on the rise due to the surge of interest in rental properties and house flipping.
You may have read the stats most recently about mortgage application defects reaching their. Here’s what the CoreLogic 2016 Mortgage Fraud Report reveals as fraud on the rise across the country and.