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
Fraud risk was up quarter-over-quarter, but relatively flat year-over-year. This continues a trend we have witnessed over the past several quarters, despite the high level of purchase loans relative to refinances. Purchase loans are traditionally higher risk compared to refinances.
- Metros where fraud risk is the highest
Quarter-over-quarter, 12 of the top 15 riskiest metros saw an increase in fraud risk. On a state level, California has the most metros in the top 15, followed by New York, Florida and Connecticut.
- Areas of concern
Identity fraud has become an increasing concern on primary mortgage applications over the past several quarters. Fannie Mae issued a fraud alert in Q3 about an identity theft ring operating in suburban Atlanta that was targeting mortgage-free homes. The report provides additional details in the main causes and tactics to deploy to protect your business from this fraud risk.
Read the report to 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.
