By | December 10, 2018


Thank You Appraisers for Protecting the Public

Good News!

Mortgage Fraud increased 12.4%

How exactly is this  good news?  Well, it is simple…..

Appraisers had absolutely nothing to do with it! 

According to the CoreLogic Mortgage Fraud Index,  mortgage fraud rose 12.4% from 2nd Qtr 2017 through 2nd Qtr 2018. 

Here is the break down: 

  • Income fraud rose 22.1%
  • Occupancy fraud rose 3.5%
  • Transaction fraud rose 0.6%
  • Property fraud declined 0.1%
  • Undisclosed Real Estate Debt declined 11.4%

The report is an interesting read. Break downs are by state, jumbo loans, conforming loans. loan to values, wholesale, correspondent and retail lending

See the complete report here

2 thoughts on “

  1. RubberStamp

    This is all fine and dandy. But it seems appraisers and our organizations are great at preaching to other appraisers but is there any strategic method to get this same information and reporting into the hands of those that are creating our future? ie the lending institutions and their backers?

    Reply
  2. VaCAP Board

    Rubber Stamp,
    Lender don’t want to listen. They just want to close loans. VaCAP and other state coalitions are starting to educate the consumer on all the “stuff” going on in the profession. Linked In is a way to get out of the “preaching to each other” pattern as your connections usually go far beyond the appraisal profession. Even if you do not write an article, there are many good articles to share. Remember, it is not up to our organizations to protect the public, it is your license and ultimately appraisers that must act.

    Reply

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