Identity Fraud Risk
Identity fraud occurs when an applicant’s identity and/or credit history is altered, a synthetic identity is created, or a stolen identity is used to obtain a mortgage.
Q2 2024 compared to Q2 2023
Transaction Fraud Risk
Transaction fraud occurs when the nature of the transaction is misrepresented, such as undisclosed agreements between parties and falsified down payments. The risk includes third party risk, non-arm’s length transactions, and straw buyers.
Q2 2024 compared to Q2 2023
Property Fraud Risk
Property fraud occurs when information about the property or its value is intentionally misrepresented.
Q2 2024 compared to Q2 2023
Income Fraud Risk
Income fraud includes misrepresentation of the existence, continuance, source, or amount of income used to qualify.
Q2 2024 compared to Q2 2023
Occupancy Fraud Risk
Occupancy fraud occurs when mortgage applicants deliberately misrepresent their intended use of a property (primary residence, secondary residence, or investment). Programs, pricing, and underwriting guidelines are impacted by a property’s intended occupancy.
Q2 2024 compared to Q2 2023
Undisclosed Real Estate Debt
Undisclosed real estate debt fraud occurs when a loan applicant intentionally fails to disclose additional real estate debt or past foreclosures.
Q2 2024 compared to Q2 2023
Note: CoreLogic’s Fraud Type trending measures changes in the risk indicator frequencies for each category. It is not representative of the prevalence of the category. One of the best sources for information on the incidence of various fraud types is Fannie Mae’s Mortgage Fraud Prevention website.
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