With an overheated housing market, new government-sponsored enterprise (GSE) requirements on investment properties and the transition to a more robust purchase market, mortgage fraud is once again on the rise after a brief dip last year.
The CoreLogic Quarterly Mortgage Fraud Brief analyzes the metro areas with the highest mortgage fraud risk on a quarterly basis and offers insights based on the analysis of trends found in residential mortgage loan applications processed by LoanSafe Fraud Manager.
Read the report to learn about:
- Factors causing increases in fraud risk
Purchase loans are inherently riskier than refinances, and there was a significant drop in refinances in Q2, compounded with record purchase volumes. Along with additional factors noted in the brief, this trend led to greater fraud risk.
- Metros where fraud risk is the highest
We highlight the top 15 riskiest metro areas for mortgage fraud. Out of the 15 on the list, Florida metro areas take up six spots, and 14 of the 15 riskiest metros saw fraud risk increase over the past quarter.
- Types of fraud causing the most concern
There are several different types of fraud that can impact a mortgage. From occupancy fraud, employment and income fraud to property fraud, external factors can drive what types are fraud are more prevalent than others. Our latest fraud brief highlights key industry trends that are driving specific types of fraud, so you can be aware of what to watch out for.
Get more in-depth insights in the Quarterly Mortgage Fraud Brief and see how you can better protect your business from the growing risk of mortgage fraud.