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2017 Q4 mortgage fraud risk rises slightly

Refinance risk rose from 38% in the third quarter to 42%, which would typically indicate a lower overall fraud risk index score. CoreLogic noted the following factors responsible for the unusual move:

The share of loans originated through wholesale channels has been rising for the last four quarters. It stood at 5.3% in Q4 2016, and increased 58% over the year to 8.4% as of Q4 2017. Delayed flips (12 months or longer) with substantial price increases rose by more than 10% from the prior quarter. The share of purchase loans where the seller is a non-individual (such as an LLC) also rose by more than 10% from the prior quarter. The share of loans on properties that experienced a distress event in the last 3 years rose by more than 6% from the prior quarter.

The 15 metro areas with the highest mortgage fraud risk are:

Miami-Fort Lauderdale-West Palm Beach, Fla.: 253 Springfield, Mass.: 248 New York-Newark-Jersey City, N.Y.-N.J.: 245 Wichita, Kansas: 226 Memphis, Tenn.-Miss.-Ark.