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The risk of mortgage fraud decreased 7.5% in the second quarter from a year earlier, but for certain types of fraud the risk is growing, according to a new report.
Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.
Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.
Fraud experts are concerned that credit washing, in which borrowers make false claims about being victims of identity theft, is making its way into mortgages from other forms of lending.
A rise in reverse occupancy fraud is contributing to the uptick, a CoreLogic report found.