Mortgage App Fraud On the Rise

Mortgage application fraud is on the rise By Joanne Atkin in Features, Fraud 8th April 2013 0 cifas has published its latest Fraudscape report showing where the shifts in different types of fraudulent activity are occurring. Joanne Atkin looks at some of its findings

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These hot housing market conditions had an indirect effect on lenders, who saw the risk of mortgage application fraud increase by 10% last.

Fraud takes many forms in mortgage lending, but the newest one is hidden from. Although some of this drastic increase may be attributable to. income and asset information on a loan application, claim the home will be.

Mortgage fraud has risen by 5% in the first six months of 2019 compared to the last six months of 2018, according to fraud prevention service Cifas.

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.

Increasing numbers of people are lying on their mortgage application in an attempt to boost their chances of getting a loan, a report reveals. Cases of fraudulent mortgage applications increased by 5 per cent between January and June compared to the last six months of 2018, according to figures from Cifas, the fraud prevention service.

TORONTO, ONTARIO–(Marketwired – Jan. 11, 2017) – Equifax Canada (NYSE:EFX) data suggests high-risk and suspected fraudulent mortgage activity is on the rise noting a 52 per cent increase in suspected.

Mortgage fraud is on the rise as more buyers are inflating their incomes in order to qualify for new purchases. States like Florida, New York, New Jersey, Washington, D.C. and New Mexico are most at.

Mortgage Fraud Risk on the Rise. The analysis, as measured by the corelogic mortgage application fraud risk index, found during the second quarter of 2018, an estimated one in 109 applications.

The Fed’s latest report shows mortgage debt topping $9 trillion. When including mortgages from businesses. Lending is big.

Mortgage application fraud declined in the second quarter of this year. CoreLogic’s report on the incidence says that one out of every 123 mortgage applications submitted during the quarter (0.81.

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