The fraud risk for mortgage in Florida
has been rapidly increasing in the second quarter of the year.
According to the data released by CoreLogic on Tuesday, there were
11,000 applications filled with deceitful details. The details included
employment details, identity, income, property, occupancy and
undisclosed debt. All the above mentioned sections were not reported to
as a high risk but few of them like property had the highest fraud risk
with many misrepresentations.
Report estimations quarterly:
According
to the reports from the company, it is estimated that the overall
applications for the mortgage will reach up to $19.8 billion
approximately. After the end of the second quarter in 2014, the numbers
show that there is a rapid increase in fraud which is 3.2%. In the
second quarter, the cost that was in in risk was $3.3 billion. There is
not much fluctuation when it comes to applicants for expat mortgage.
Factors influencing fraud risk:
The experts have found that there are three major factors that are influencing the fraud risk of mortgage in Florida.
The ever changing (rising) interest rates, the increase in the home
values in the local market and negative credit records in the job. These
are the major reasons why the fraud risk has increased at such a rapid
pace.
Property fraud risk:
The
reason behind mortgage risk going up is the wrong information included
in the property section when applying for the loan. The decline was seen
undisclosed debt which was dropped to 22.7%. This will give a sigh of
relief to the lenders.
If you are looking for an expat mortgage,
you must be careful while giving the details about you before applying
to it. If you are running out of ideas, do get in touch with an expert
now!
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