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Mortgage fraud risk inches up in March


Mortgage fraud risk crept up in March after falling for the past seven consecutive months, First American Financial Corp. reported.

First American’s loan application defect risk index rose 1.3 percent in the month after falling to a low point in February.  The company attributed the increases to higher risk in government loans. Defect and misrepresentation risk remains 3.4 percent below the level a year before and is down 25.5 percent from the high mark in October 2013, however.

“While loan application and mortgage risk increased modestly this month, risk remains significantly lower than a year ago and is significantly lower than it’s been in the last five years,” said Mark Fleming, chief economist with First American, in a report. “Improved loan manufacturing compliance, underwriting consistency and risk management are finally paying off for the industry with less defect, misrepresentation and fraud risk.”


 

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