Magazine article Mortgage Banking

CoreLogic Finds Mortgage Fraud Risk Growing

Magazine article Mortgage Banking

CoreLogic Finds Mortgage Fraud Risk Growing

Article excerpt

On Oct. 28, Irvine, California-based CoreLogic released its latest Mortgage Fraud Report, which found that Florida was the state that showed the greatest year-over-year increase in mortgage application fraud risk. The company also reported that Arizona was the state showing the largest decline in fraud risk.

As of the end of the second quarter, the report shows for the country overall a 3.2 percent year-over-year increase in fraud risk as measured by the Mortgage Application Fraud Risk Index, the company said. The report estimates that applications representing roughly $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations during the second quarter.

CoreLogic's analysis in the second quarter found roughly 11,100 loan applications (0.69 percent of all applications) contained elements of fraud. That compares with 19,700 (or 0.67 percent) in last year's second quarter.

The index is compiled by processing loan applications through a solution that incorporates predictive fraud-scoring technology. …

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