According to the company’s Mortgage Fraud Risk Report, the mortgage fraud risk index climbed to 159, representing a 16 percent increase from Q3 2012 and 9 percent increase from Q4 2011. Interthinx pinpointed the source of the increase to a surge in property valuation fraud risk, which rose 25 percent from Q3.
The Interthinx national mortgage fraud risk index was up 1.4% during the fourth quarter and was 3.6% higher than during the fourth quarter of 2010. The company also notes that although its income/employment fraud risk index was only up 1% since the third quarter, the index has jumped nearly 14% since a year ago and 46% since two years ago.
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They are all experiencing high levels of foreclosure activity, and the predominant mortgage fraud schemes center on distressed borrowers and properties. Nevada has the highest mortgage fraud risk in the nation, with a risk index value at 245, which is 99 points higher than the national mortgage fraud risk index of 146.
March 12, 2014 mortgage fraud risk drops, valuation fraud risk steady. lenders faced a reduced risk of mortgage fraud during the fourth quarter of 2013, yet borrowers were three times as likely to lie about occupancy on multi-unit properties compared to single-unit properties, according to the national mortgage fraud risk report released Feb. 28 by analytics firm Interthinx.
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*Fraud Is On The Rise Again* **The Trend Is Troubling** *** Interthinx has released its annual Mortgage Fraud Report, which highlights some of the most significant mortgage fraud risk trends based on analysis of loan applications processed in 2011. According to the report, the Employment/Income Fraud Risk Index rose 14 percent during 2011 and has been on an upward trend for more than two years.
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More alarming is that nationally, the risk of occupancy fraud-whereby a borrower lies that a house will be occupied in order to secure a mortgage-rose 24 percent to an index rating of 135.