Loan application fraud risk rises again

Mortgage

Defects and misrepresentations on mortgage applications rose for the fifth consecutive month in April, with increases for both purchase and refinance loans.

The First American Loan Application Defect Index for April was 81, up 2.5% from March and 8% from April 2016. Defects and misrepresentations are an indicator that there might be fraud connected with the application.

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