-Application fraud includes actions like lying about employment status or overstating income on a mortgage application
-CoreLogic’s new Mortgage Fraud Report analyzes data from approximately 4.5 million mortgage applications
-Fraudsters are becoming more sophisticated and using new methods to commit fraud, but people applying for mortgages are also getting better at spotting and reporting it
Mortgage application fraud declined 3.1% year-over-year in Q2 of 2023 compared to the second quarter of 2022, according to CoreLogic. The mortgage fraud report analyzes data from approximately 4.5 million mortgage applications. Though fraudsters are becoming more sophisticated and using new methods to commit fraud, people applying for mortgages are also getting better at spotting and reporting it.
You can read this full article at: https://www.housingwire.com/articles/new-york-and-florida-remain-most-exposed-to-mortgage-fraud-risks-corelogic/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
