CoreLogic® Estimates $7.4 Billion in Fraudulent Mortgage Originations for 2011
September 29, 2011
Total Loss:
Billions
CoreLogic, a leading provider of information, analytics and business services, today announced the availability of its 2011 Mortgage Fraud Trends Report. The study analyzed 10.5 million loan applications from the first quarter of 2005 through the first quarter of 2011. In the report, CoreLogic fraud experts predict that fraud-related U.S. residential mortgage originations will total $7.4 billion in 2011. This represents a nearly 40 percent decline from the estimated $12 billion in mortgage fraud-related originations experienced by the industry in 2010. The study also revealed the ever-changing nature of fraud with certain types on the rise including property fraud (262 percent increase over last year) and others on the decline such as identity fraud (45 percent decrease over last year).
Source:
Marketwatch
Posted in:
New Account Fraud
Deposit Account Fraud