Mortgage Fraud Risks Rise, Especially Income Fraud; CPI Not Much Help For Rates
The risk of mortgage fraud jumped by 12.4 percent on an annual basis in the second quarter, the seventh consecutive quarter in which it has increased . CoreLogic said its Mortgage Application Fraud Risk Index now puts the rate of fraud at 0.92 percent or one of every 109 mortgage applications received. In the second quarter of last year the index was 0.82 percent or 1 in 122 applications. The increase was present in all market segments, but the segment for conforming mortgages with loan-to-value (LTV) ratios of 80 percent or less experienced the largest. Purchase applications overall grew more than refinances with the exception of jumbo refis, possibly because that segment suffered the largest decline in volume. Jumbo refinances had an index of 266 while purchase applications overall were at
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