Mortgages Facing Risk of Fraud

first_imgHome / Daily Dose / Mortgages Facing Risk of Fraud Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago October 6, 2017 1,257 Views CoreLogic HOUSING mortgage 2017-10-06 Nicole Casperson About Author: Nicole Casperson CoreLogic Senior Director of Fraud Solutions Strategy Bridget Berg recently took a look at the overall fraud risk outlook for 2017.Based on CoreLogic’s information, fraud risk increased by about 17 percent year-over-year and is now at its highest level since 2010.“Keep in mind, however, that in historical terms, fraud, overall, is still relatively low, given the tighter underwriting since the mortgage crisis, and the amount of rate and term refis over the past few years,” said Berg.However, in 2017, despite the decrease in application volumes, the total number of applications with fraud is higher than last year, in fact, CoreLogic discovered 13,404 applications with indications of fraud in Q2 2017 alone.Berg said there are two main drivers of fraud risk increases this past year, including a continued increase in purchase transaction share from 55 percent of applications to 66 percent over the last year. The other factor is originations coming through wholesale channels, as these loans have a “historically exhibited a higher risk of fraud.”According to Berg, there are three types of mortgage fraud on the rise for 2017. First, occupancy fraud risk has increased by 7 percent, which includes traditional occupancy risk and reverses occupancy risk. Second, transaction fraud risk, covering straw buyers and falsified down payments, has increased about 4 percent. The third type of risk is income fraud risk, which increased 3.5 percent, with “most of the increase happening in the first half of this year.”Regionally, the top three states that are at risk for mortgage fraud are New York, New Jersey, and Florida. However, the states showing the greatest growth rate in fraud are lower-risk states in the middle of the country including, Iowa, Indiana, and Missouri.Berg notes that for the future, CoreLogic will be monitoring cash-out refinances and home equity loans, as rising home prices and homeowner equity, they are forecasted to become prevalent. The fraud risk on these products is higher than it is for rate and term refinances, so Berg said this is another area to watch over time.View the full report by clicking here. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines Previous: Industry Reacts to September Employment Report Next: HUD: Establishing Equal Opportunities Data Provider Black Knight to Acquire Top of Mind 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CoreLogic HOUSING mortgage  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Mortgages Facing Risk of Fraud Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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MFA Gets Support from US Group

first_imgAn international humanitarian organization, Anything is Everything, based in the United States on Wednesday donated several football items to the Monrovia Football Academy (MFA).The items included footballs, jerseys, boots, pumps, books, among others.Darlington Martor, a Liberian based in the US, said the donation was to encourage the young players of the Academy.“I was just like any other kid that loved and played soccer when I was in Liberia. We did not have access to soccer materials and I feel that these kids should be helped to play the game they enjoy,” he said. He said he launched his non-profit organization (Anything is Everything) with his friend from college to collect materials and send them to Liberia.Martor, who has been out of Liberia for over 17 years, called on the kids at the academy to focus on their education and sports, adding that “I know many of you are from West Point and there are many kids out there who do not have this opportunity, so take full advantage of the school, and on the field. This is what got me where I am today.”Martor also disclosed that the organization will be donating a 20 foot container full of non-food items, including health related materials, to two non-profit organizations (More Than Me Foundation in West Point and Restoring Hope in Lofa County) that support and empower vulnerable Liberian girls and boys in underprivileged areas in the country. Receiving the items on behalf of the academy, co-founder Sekou Manubah thanked the organization for the materials, noting that even a single ball and set of training kits are very important to the academy.“This is not something small; it is a very huge contribution to our academy, especially these books. The kids really appreciate it, because you might not find them in other schools and our kids are opportune to have them free of charge because of your organization,” he said. “Anything is Everything” is an organization established in the US by six Connecticut college graduates and close friends who are passionate about contributing to the betterment of the global society.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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