Mortgage App Fraud On the Rise

Mortgage Fraud on the Rise More mortgage loan applicants are committing mortgage fraud by lying on their applications. Experts say a tight lending environment is to blame. Fraud in Loan Apps Up in February

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Fraud in connection with home mortgages is on the rise, ranging from little white lies about the. Other companies that monitor mortgage fraud confirm that fraud has increased and could be headed in.

Mortgage fraud is on the rise, and here’s what that means to you. Application fraud was found in one of every 122 mortgage applications during the first two quarters of 2017, according to Bridget Berg, CoreLogic’s senior director of fraud solutions strategy. During the same period in 2016, one of every 143 loan applications had signs of fraud.

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The risk of fraud in mortgage applications increased 16.9% in the second quarter compared with the second quarter of 2016, according to CoreLogic’s Mortgage Fraud Report. The increase is expected because applications for purchases now make up a greater share of total applications, due to the fact that refinances have been falling due to higher mortgage rates.