Mortgage Fraud on the Rise Again! Posted on February 21, 2018 by secureinsight First American Data Solutions recently released a report indicating that mortgage fraud has increased almost 6% in the first quarter.
Mortgage fraud is rising, with criminals devising new schemes to separate people from their money. A difficult economy has placed many people in dire straits with their mortgages. People who are trying to avoid losing their homes often become desperate, causing them to explore creative financing options. Fraud may hide within many of these creative options.
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Sounding the alarm: mortgage wire fraud is a much bigger threat than you realize If you think mortgage wire fraud is a problem only for vendors, think again January 23, 2018
Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.. In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud, and money laundering, with penalties of.
Mortgage fraud reached a new high in 2008, according to the FraudBlogger index published by MortgageDaily.com, during which time more than $5 billion in mortgage fraud cases were tracked.
Fraud in connection with home mortgages is on the rise, ranging from little white lies about the intended use of the property all the way up to much more sophisticated schemes. But what, you ask.
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Mortgage fraud, which helped inflate the housing bubble and left banks and government housing agencies with an avalanche of bad debt, is up again. The crime rose last year after declining for two.
Mortgage application fraud risk in the U.S. has been steadily increasing at the national level since CoreLogic started tracking this data in 2010, and according to new analysis, fraud risk is becoming more prevalent in larger metropolitan areas, particularly in the Northeast and Southeast.
According to CoreLogic’s latest Mortgage Fraud Report, there was a 12.4 percent year-over-year increase in fraud risk at the end of the second quarter of 2018, as measured by the CoreLogic Mortgage.