Click Here

REALTOR® Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  August 23, 2010  |   Mortgage Fraud Is on the Rise
Mortgage fraud which peaked in 2006 rose 17 percent last year after falling 57 percent in the prior two years, reports CoreLogic.

Analyzing about 7 million home loans made by hundreds of lenders, the research firm found that $14 billion in loans were originated with fraudulent application data in 2009.

Lenders have tightened criteria and look more closely at mortgage applications since the collapse of the real estate market; but fraudsters now are relying more on falsifying documents, recruiting loan officers and other bank insiders to work for them, and stealing identities to get loans.

Source: The Wall Street Journal, Robbie Whelan (08/23/10)

© Copyright 2010 Information Inc.

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!