Mortgage Fraud Risk Unchanged, Valuation Risk Up. There was no quarterly change in the risk of mortgage fraud, according to the 2Q 2014 National Mortgage Fraud risk index published by analytics firm Interthinx, Mortgage Daily reported sept. 24. However, the risk of Valuation fraud was up 1 percent for the quarter.
we realized that the ability to reduce the risk of fraud was critical to the long term success of the mortgage industry." Unlike previous offerings based on manual file reviews, this insurance process.
Interthinx is a leading national provider of comprehensive risk mitigation solutions. "The Employment/Income index in our 2010 Annual Mortgage Fraud Risk Report rose by nearly 30 percent, which could indicate that ‘fraud for property’ is on the increase," said Mike Zwerner, senior vice president of Interthinx.
Interthinx, the leading provider of proven risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, will continue its leadership role and provide mortgage bankers and law enforcement another free training tool necessary to combat the newest forms of mortgage fraud in the wake of record foreclosures.
The report, which tracks overall and type-specific mortgage fraud risk, provides an in-depth analysis of fraud risk from specific ZIP codes at state and national levels. The fourth-quarter report indicates that fraud risk in Chicago’s ZIP code 60621, which has been the riskiest ZIP code in the United States for three consecutive quarters, may have driven risk higher for the entire city.
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.
The Fed recently proposed four new tiers of regulation for banks with more than $100 billion in assets to ease compliance requirements for banks with less risk. Banks deemed to. covering everything.
Occupancy Fraud on the Rise Nationwide According to New Interthinx Report. Additional data points highlighted by the Interthinx Mortgage fraud risk report include: For the fourth consecutive quarter, Nevada is the state with the highest fraud risk, with an index value of 225 (n=100), followed by Arizona (205) and Florida (190).
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