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Mortgage Performance

Housing Credit Index: Second Quarter 2017

Loans Originated in the Second Quarter Exhibit Higher Credit Risk Than a Year Earlier

Archana Pradhan    |    Mortgage Performance

CoreLogic Housing Credit Index
  • The CoreLogic Housing Credit Index (HCI) shows higher credit risk in Q2 2017 compared with Q2 2016, but it remained within the range exhibited during the early 2000s.
  • The average credit score for all borrowers – purchase and refinance combined – increased year over year from 738 in Q2 2016 to 741 in Q2 2017.
  • The average loan-to-value ratio (LTV) and...

Home Equity Lines of Credit

End-of-Draw Performance Not as Bad as Feared

Matt Cannon    |    Mortgage Performance

One effect of the rapid increase in home prices from 2000 to 2006 was the increased use of home equity lines of credit (HELOCs) as a method for homeowners to extract equity from their properties. HELOCs consist of a “draw period” and a “post-draw period.”  At any time during the draw period, borrowers can borrow up to a specified credit limit, or pay part or all of...

The Delay in Discovering Mortgage Fraud - Or What You Don’t Know for Too Long Can Hurt You

Part III of III in a series

Bridget Berg    |    Mortgage Performance

Mortgage Fraud SAR Activity

Unlike other types of financial fraud, mortgage fraud is rarely identified quickly. The problem with the lag in discovery is that by the time a financial institution gets the feedback, it’s often too late to mitigate the situation. Another issue is that the lag time gives management a false sense of security about their true fraud risk. As a result, poor practices or an undetected scheme...

The How, What and When of Mortgage Fraud Discovery: 6 Touchpoints Over the Life of a Loan

Part II of III in a series

Bridget Berg    |    Mortgage Performance

Six Touchpoints

Based on my discussions with industry participants over the years, it’s safe to say most people believe that discovering fraud is mainly an origination workflow event. However, the truth is fraud can be discovered at a number of events in the life of a loan. Here’s a quick summary of where and when fraud can occur within your current workflow.

1. Prior to loan closing in...

Five Reasons Why Mortgage Fraud is Hard to Detect

Part I of III in a series

Bridget Berg    |    Mortgage Performance

House

“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." - Mark Twain.

Unlike most common forms of financial fraud, mortgage fraud takes a long time to present itself, and as a result can lull lenders into a false sense of security....

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