Real Estate Articles

2018-11-01 Mortgage Fraud is Getting Worse | By: Brad Beckett

Mortgage Fraud is Getting Worse
by Brad Beckett 

According to new data from CoreLogic, mortgage fraud is on the rise as more people lie about their income in order to qualify for loans.  CNBC’s Diana Olick reports that loan applications for real estate purchases are more likely to have fraud than for refinancing because higher interest rates have slowed refinancing activity, making mortgages a larger share.  In addition, Fannie Mae says tips are on the rise from law enforcement, consumers, trade groups and lenders.  Olick points out that the internet is making it easier and that a casual search reveals many online services that, for a fee, will not only generate fake pay stubs, but will also answer phone calls that “confirm” your purported income.

Click here to read the full story on CNBC’s Realty Check.

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