Fraud Risk Fell Overall In Q2, Though Fraud Associated With Purchase Loans Ticked Up

Mortgage fraud risk dropped 7.5% YOY in Q2 2022, with one in 131 mortgage applications containing instances of fraud, CoreLogic reported. In contrast, Q2 2021 saw fraud in 1 in 120 applications. Mortgage fraud is defined as the deliberate act of lying or omitting information that is used by an underwriter or lender to fund, purchase, or insure a mortgage loan. CoreLogic’s Mortgage Fraud Risk Index showed fraud risk in mid-2022 coming down from a point of high risk in 2021. The company said it is also partly due to a recalibration of its sourcing model in Q1 2022. After the update, the index showed higher risk during certain months in Q2. For example, while overall fraud risk fell, income…

Morning Roundup (2/10/2022)– Labor Market Uncertainty, Second Home Demand Remains High

Good Morning! Today is Thursday, February 10. Chuck Schumer and Nancy Pelosi suggested that they were open to banning members of Congress from trading stocks. Officials have delayed the medal ceremony for team figure skating amid reports that a Russian skater failed a drug test. A former casino executive was sentenced to a year and a day in prison for a bribery scheme to get his daughter into U.S.C. The Mortgage Note Reports Impact Of Labor Numbers On Housing Market Remains Unclear: Despite an uptick in job numbers and an increase in personal incomes, there is still uncertainty about how the latest Labor Statistics Report will impact the housing market. Second Home Demand: Second home demand outpaced primary residence demand…