Fraud is on the rise in the mortgage industry, with Florida remaining the state most at risk, according to new data from CoreLogic. More than 12,000 mortgage applications were estimated to have fraud associated with them, according to the company’s 2016 Mortgage Fraud Report.
The mortgage application fraud risk index was up 3.9% year over year from the second quarter of 2015, continuing an upward trend in fraud since 2010.
“This is consistent with the loosening of credit policy after historically tight credit policies post-crisis,” CoreLogic stated in its report. CoreLogic cited a number of factors contributing to the increase in fraud risk, including an increased share of purchase loans, the availability of higher loan-to-value mortgages and the loosening of GSE credit policies.
Florida had the highest application fraud risk, followed by New York, New Jersey, Hawaii and Washington, D.C.
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