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Mortgage fraud risk is increasing amid slow real estate market

Fraud risk for mortgages declined 7.5% in the second quarter for this year compared to 12 months ago, but income and property fraud incidents are likely to rise, CoreLogic forecasts.

In the second quarter of 2022, about 1 in 131 mortgage applications contained fraud while 1 in 120 applications were fraudulent in the same period last year. The decline is partially due to a different scoring model in the first quarter of 2022 but higher risks were recorded for income and property frauds, according to a mortgage fraud report published by CoreLogic.

Risks of income fraud rose 27.3% details ⇒

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