Don’t Fall Victim to Mortgage Fraud
As much as the FBI works to combat it, mortgage fraud is still one way that unscrupulous individuals can make a fast – and illegal – buck. It can put you at risk of losing thousands of dollars if you don’t know what to watch out for. Though it may be impossible to know exactly how rampant this problem is, statistics show it’s growing.
CoreLogic is a property analysis company that releases a yearly mortgage fraud report. According to the most recently available data, during the second quarter of 2017, 0.82% of all mortgage applications were found to have the characteristics of potential fraud. This is up from 0.7% last year. While that doesn’t sound like a lot, when looked at in the context of all mortgage applications in the quarter, it represents 13,404 applications.