CoreLogic Ties Fraud Risk to Interest Rates, Purchases

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Posted To: MND NewsWire

A new analysis by CoreLogic shows an increased risk of mortgage application fraud associated with purchase loans while loans made for refinancing are showing decreased risk. Thus, as rates rise and refinancing diminishes, fraud can be expected to rise as well. The company, which has tracked fraud since 2010, said that application fraud has increased in Florida, New Jersey and New York by more than 20 percent since 2012 and to a lesser extent in Nevada, Illinois and California. According to its Mortgage Application Fraud Index, Fraud has decreased in most of the rest of the country, notably in Arizona and Georgia (down 36 percent and 26 percent respectively. Nationwide, however, fraud is increasing and is becoming more prevalent in larger metropolitan areas, especially in the Northeast and Southeast...(read more)

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Source: http://www.mortgagenewsdaily.com/06292015_mortgage_fraud.asp

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