Regarding mortgage fraud, 13% of Canadians believe it’s fine to tell "a little white lie" when applying for a mortgage to get the home they want. And 16% say mortgage fraud is a victimless crime. Another 8% admitted they misrepresented the facts on a loan or credit application.
According to CoreLogic’s 2016 annual report, mortgage fraud has been steadily increasing since 2010. In the second quarter of 2016, 12,718 mortgage applications were estimated to have indications of mortgage fraud, which equates to .7% of all mortgage applications. While that may not seem like a huge number, it adds up.
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Q&A: Mortgage fraud and defects are on the rise First American Financial Corp., which provides title insurance and risk-management services to the real estate industry, regularly tracks the rate of defects and fraud in mortgage applications nationwide.
· – 13 per cent of Canadians indicated they felt it was okay to tell ‘a little white lie’ when applying for a mortgage to get the house they want. — 16 per cent said they believe mortgage fraud is a victimless crime — 8 per cent admitted to misrepresenting the facts on a credit or loan application.
Mortgage fraud is slightly on the rise right now, so it’s an area industry experts. CoreLogic’s mortgage fraud report analyzes the collective level of loan application fraud risk the mortgage.
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Freddie Mac, the second-largest mortgage investor, says it has not seen a recent spike in occupancy fraud, “but it’s always been a. non-government marketplace. With the rapid rise of rental.
· In an online presentation on fraud and identity theft from 2012, mortgage insurer Canada Guaranty notes that "one in 10 mortgage applications will have some element of fraud." credit bureau equifax says it had been able to flag nearly $1-billion worth of attempted mortgage fraud among its lender clients since 2013.
· There are a lot of ways to commit mortgage fraud. But occupancy fraud is among the hardest types for lenders to prevent. So what is occupancy fraud? If you sign a mortgage.
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Mortgage fraud is on the rise, and here’s what that means to you. Application fraud was found in one of every 122 mortgage applications during the first two quarters of 2017, according to Bridget Berg, CoreLogic’s senior director of fraud solutions strategy. During the same period in 2016, one of every 143 loan applications had signs of fraud.
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