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Mortgage fraud risk is growing and lenders can't be caught off guard

Continued demand and rising interest rates put constraints on the housing market in 2018, making it a difficult year for buyers trying to claim their spot in the housing market. These hot housing market conditions had an indirect effect on lenders, who saw the risk of mortgage application fraud increase by 10% last year , according to CoreLogic.

While the rise in fraud was attributed to genuine buyers trying to qualify for a mortgage (albeit with questionable verification sources), the trend is nonetheless worrying for the industry, which faces increasingly tight margins. As we make our way into 2019, what are the most common risks for lenders to consider? How can we, as an industry, tackle this changing mortgage fraud landscape effectively? The answers lie not in adding more steps to the already lengthy underwriting process, but in understanding the risks associated with mortgage fraud and the options currently available to mitigate those risks.

The current estimate is one in 109 mortgage applications contain an element of fraud. One noted upward trend is income fraud risk — where borrowers misrepresent the source, continuance, amount or existence of income — which had the highest year-over-year increase at 22.1%.

The Easy Guide to Home Loans

 

When shopping for a new home, most buyers know exactly what they’re looking for and can tell pretty quickly if a particular home is right for them. But shopping for a mortgage is a bit trickier. There are many options out there, and unfortunately, no one-size-fits-all solution.

To help you feel a bit more confident going into the loan selection process, here’s a super-simple breakdown of the products you’ll likely hear about.

Fixed-Rate and Adjustable-Rate Loans
According to the Mortgage Bankers Association, more than 93 percent of mortgage applications are for fixed-rate loans. However, an adjustable-rate mortgage, or ARM, can be a powerful tool for borrowers with specific goals in mind.

With an ARM, the interest rate varies throughout the life of the loan. Typically, the initial interest rate is lower than that of a fixed-rate mortgage, and that rate is locked in for a certain period of time – 3, 5, 7, or 10 years. After that, the interest rate adjusts annually. Most ARMs include an interest rate cap that sets a limit on how high the rate can go.

Is it state law that all Mortgage Transfers and Assignments be Recorded?

so if i were to be transfering and assigning mortgages without recording them?... along with not paying state and local recording fees...

What are the implications, if any, to the homeonwner paying off the mortgage?

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