Mortgage Fraud Characterized by Delayed Discovery

Posted To: MND NewsWire

Mortgage fraud may be both more prevalent than lenders know and more insidious than they realize according to Bridget Berg, a principal in Industry Solutions and Property Intelligence for CoreLogic. In the first of a three-part series in the company's Insights blog, she says mortgage fraud is different from other types in that it takes a long time to present itself and can pop up at multiple points over the life of the loan. By the time it does, it may be too late to mitigate the situation. The delay in discovery can lull lenders into a false sense of security. They might assume, if they haven't spotted problems, had a large loss, or have a low delinquency rate that their controls are working and they've had no fraud. This, she says, may "all be true-until the day it isn't." She lays out five...(read more)

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