Mortgage fraud risk grows 3% - National Mortgage News
May 23, 2024Fraud risk seen on mortgage applications increased in the latter end of 2023, but compared to a year earlier, the rate edged downward. The development adds some credence to findings earlier this year from Mphasis Digital Risk, which determined that only a minority of consumers would unequivocally refuse to put misleading information on a lending application. While some said they might consult a lawyer first, over 16% said they would agree if such a recommendation was offered to them. Despite the potential willingness of consumers to be dishonest, Mphasis also said it did not observe higher incidences of fraud at the time.
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