“Signs of fraud in mortgage applications fell 8.9% from a year earlier in the second quarter, according to an index from the data firm CoreLogic. Lower-than-expected interest rates reduced the incentive for consumers to misstate their qualifications.
“But since then applicants have become more prone to deceptions like hiding additional debt or inflating incomes, and lenders have had to heighten their vigilance.”
As technology continues to evolve, it is vital for mortgage professionals to stay ahead of fraudulent practices that applicants could try to put past them. As Peter Drucker once said, “Knowledge has to be improved, challenged and increased constantly, or it vanishes.”
Take control of your knowledge today with ATS Secured. We verify and vet each individual in every mortgage transaction before they can see or contribute to the mortgage file. Get your ATS Secured Pro today!