Property analytics provider CoreLogic released its annual mortgage fraud trend report this month, showing fraudulent activity was up marginally in the second quarter of this year compared to the same period last year.The report shows that 12,718 applications (0.7 percent) of U.S. mortgage applications displayed fraud in the second quarter of 2016.During the second quarter of last year, the number of fraudulent applications was slightly higher, at 12,814 -- but that represented a smaller 0.67 percent of the market.CoreLogic’s Mortgage Application Fraud Risk Index (FRI) is based on residential mortgage loan applications. The index analyzes counterfeit activity across identity, income, occupancy, property, transaction and undisclosed real estate debt.Nationally, the FRI jumped 3.9 percentage points year-over-year in the second quarter, continuing the steady increase seen since the third quarter of 2010. Given loosening lending standards compared to the period immediatel...
- In the second quarter, 0.7 percent of U.S. mortgage applications displayed fraud.
- Income fraud risk jumped 12.5 percent year-over-year.
- Florida is the riskiest state for mortgage application fraud, despite risk dropping 18.1 percent annually.
- Illinois fraud risk dropped 7.8 percent, moving out of the top 10 riskiest states.