Market Shifts May Promote Mortgage Fraud; Rates and Volatility Higher This Week; Caliber Deal
The shifting of the mortgage market toward more purchases as well as declining origination volumes are expected to boost the incidence of mortgage fraud in 2017 according to CoreLogic. The company's Fraud Index is already on the move. It shot up to 122 in the fourth quarter of 2016, matching its highest level in 2014. The jump came even though there was more than a 20 percent drop in mortgage applications at about the same time. CoreLogic's Bridget Berg, senior director of Fraud Solutions Strategy, writes in the company's blog that mortgage fraud has been at a relatively low level since strong lending controls were put in place in response to the financial crisis. However, she says emerging trends may change that, raising the level of risk significantly. She sees the long-term increase in risk
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