Mortgage fraud comes in many shapes and sizes. It may involve taking out more than one loan against the property, laundering money, obtaining a mortgage under false pretenses, or obtaining a mortgage under a false identity.
Mortgage fraud is costly. As of 2020, every $1 in fraud incurs $3.56 in correction costs, up 8% from the previous year.
Specialized technologies and verification services exist to identify fraud before a fraudulent loan can be closed or fraudulent activity completed.
For Mortgage Professionals
Fraud can be costly. Technologies and verification services prevent mortgage lenders from suffering financially due to mortgage fraud.
A deep search of borrower data may uncover the borrower’s true identity, as well as undisclosed real estate, liens, or debts that will disqualify the borrower before it is too late.
Alerts can notify lenders of borrowers who apply for more than one loan against the same property.
Automated software systems can track all data points, making sure everything lines up and raises no red flags.
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