Thank You Appraisers for Protecting the Public
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