CoreLogic: Mortgage Fraud Risk Up in Q2

The risk of fraud in applications for mortgages increased in the second quarter – and the trend will likely continue as credit loosens and purchases increase, CoreLogic says in its latest Mortgage.

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Lower fraud risk: Lenders have. speeding up the workflow process and providing borrower convenience and lender reassurance,” says Eric Connors, executive, for mortgage and credit analytics for.

According to the report and the CoreLogic Mortgage Application Fraud Risk Index, mortgage risk is up 12.4 percent year over year as of Q2.

 · Mortgage fraud types and trends. Year-over-year, income fraud risk jumped 12.5 percentage points across the country. Income fraud is classified by misrepresentation of existence, continuance, source or amount of income used to qualify for a mortgage. Transaction fraud, up 3.2 percentage points annually, is when the nature of transaction is altered.

There was a significant increase in mortgage fraud risk at the end of the second. of more than 30 employers that were showing up on borrowers’ mortgage documentation that appeared to be fake.

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Additionally, there were 361,845 Home Equity Lines of Credit originated in Q2 2018, up 4% from the previous quarter and up 2% from a year ago to the highest level since Q3 2008. CoreLogic: 12.4% Year-Over-Year Increase in Mortgage Fraud Risk For the Second Quarter

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One of the highlights in Q2 was ICE’s energy business, which helps that market set pricing. The company offers a suite of products that allows the energy industry to manage risk as well as price.

Mortgage fraud. Intelligence for CoreLogic. In the first of a three-part series in the company’s Insights blog, she says mortgage fraud is different from other types in that it takes a long time to.

CoreLogic said its Mortgage Application Fraud Risk Index now puts the rate of. from 7.32 percent in Q2 2017 to 8.55 percent in the second quarter of this year.. This was up 22.1 percent, with the biggest part of the increase.

“Tracking down fraud is tough and not for the faint hearted! When my firm conducts audits of the loan flow process, it is not unusual to find gaps – perhaps chasms’ is a better word! – in a company’s.

The total represents 0.67% of all mortgage applications and is up from 11,100 applications (0.69%) in the second quarter of 2014. Year over year, CoreLogic’s fraud risk index has declined 8.9%. The.