CoreLogic Reports 37.2% National Year-Over-Year Increase in Mortgage Fraud Risk
According to a recent report by CoreLogic, there was a Mortgage annual increase in the risk of fraud by 37.2% at the end of the second quarter of 2021, as measured by CoreLogic’s Mortgage Application Fraud Risk Index. A strong increase in mid-2020 follows a sharp decline seen in 2020 – largely due to high quality. The low time during infection. The current risk is similar to mid-2016.
In the second quarter of 2021, about 0.83% of all loan applications were false, one in 120. By comparison, in the second quarter of 2020, the share was 0.61%, about 1 in 164 applications. Continued low pay and cancellation of payments led to a reduction in the risk of fraud. Thus, risks in the retail sector have increased by 6%, while investment costs increase the risk of sales and recovery costs.
“The potential for repayment that increased the debt in the event of an accident may decrease. The impression is a lower cost compared to buying and upgrading, which translates into a risk-taking environment,” he said. Ann Regan, head of the state manager. , product management in CoreLogic.
Market Report Highlights:
• Globally, many types of crime have been shown to increase risk. Trade risk showed an increase of 34.2% per year. The impact of prices and products has declined slightly, with strong labor markets and rising housing prices.
• The top five high-risk countries include South Dakota, Washington, Alaska, Vermont, and West Virginia. Many high-income countries travel significantly because of low debt. All of these countries were below the 2020 average.
• Nevada went up to apply for crime scenes, with New York, Hawaii, Florida, and California in the top five.