Share of Fraudulent Mortgage Applications Rises
As the volume of loan originations has diminished, so has the number of loan applications containing mortgage fraud. But the share of fraudulent applications has increased. Although states like Florida experienced a substantial increase in fraud risk, other states -- including the Grand Canyon State -- have seen a big improvement.
Canadian AMC Acquires US AMC
An appraisal management company out of Canada has taken an interest in an AMC in the United States with plans for a major American expansion.
The Mobile Mortgage Factor
Among companies to recently enhance their mobile offerings are a wholesale lender, a valuation technology firm and a mortgage insurance company.
Improved Valuation Service Offerings
Several service providers have stepped up their appraisal offerings, some though alliances with other service providers. One vendor recently picked up two new clients.
Risk of Identity Mortgage Fraud Intensifies
There was no quarterly change in the risk of mortgage fraud across the country. But likely instances of perpetrators hiding their identity worsened.
Lender Penalized for Denying Loan on Indian Reservation Property
A residential lender that denied a Native American couple's loan request because their property is on an Indian reservation ended up settling with the couple.
Technology Enhances Appraisal Services
Several appraisal service providers have either stepped up their own technology or aligned with other mortgage technology providers to improve their valuation service offerings.
Appraisal Service Providers Team Up
Several valuation firms have joined forces to improve client product offerings. One service provider is supporting trade groups, and individuals at two other firms have been recognized for achievements.
Lender, AMC Settle With CFPB
A national home lender is accused of using bait-and-switch tactics, overcharging prospective borrowers for services provided by its appraisal management company and not disclosing third-party affiliation.
Property Valuation Fraud Risk Soars
Although the overall risk of mortgage fraud has changed little, a troublesome rise has been reported for the risk of valuation fraud.