The Future of Mortgage Fraud: Are You at Risk?
-- CoreLogic develops Core Mortgage Risk Monitor™ to assess geographic hot spots --
SACRAMENTO, Feb. 7, 2006 – Latest statistics show that mortgage fraud is steadily rising, and homebuyers, home sellers, brokers and lending institutions are all at risk of losing substantial amounts of money. According to the FBI, reports of mortgage fraud have tripled to 21,994 in the last two years, and the dollar value of these alleged crimes has quadrupled to $1.01 billion.
In an effort to curb these trends, CoreLogic, the leading provider of mortgage risk assessment and fraud prevention solutions, has developed its Core Mortgage Risk Monitor, a predictive map that forecasts the geographic “fraud hot spot” markets most likely to experience the economic consequences of increased levels of fraudulent activity over the next 12 to 18 months.
The top five U.S. markets at risk* include: Memphis, Tenn.; Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Dayton, Ohio; and Toledo, Ohio.
CoreLogic chief economist and mortgage fraud expert, Mark Fleming is available to discuss the following issues:
- Mortgage fraud hot spots and how CoreLogic determines at-risk areas
- The economic impact of mortgage fraud and what it means to readers
- Steps consumers can take if their city or state is located in a mortgage fraud hot spot
Using its proprietary data systems, CoreLogic will release an updated Core Mortgage Risk Monitor on a quarterly basis that provides a forecast and key trends for localized areas with a high likelihood of negative economic consequences for the community stemming from residential loan performance issues. Understanding mortgage fraud and knowing which areas are at risk is key to mitigating this trend.
*Top five markets among the largest 100 metropolitan statistical areas (MSAs) in the U.S.
About CoreLogic
Sacramento, Calif.-based CoreLogic, A C&S Company, is the leading provider of collateral risk-analysis and management technology and services to the U.S. mortgage banking industry. Since 1997, the mortgage industry has relied on CoreLogic to enable risk management and workflow process support. Using CoreLogic technology, mortgage originators and investors are able to increase profitability and loan quality by making more informed lending and investment decisions. The CoreLogic suite of property information tools provides the data, comprehensive geographic coverage, ease-of-use and accessibility the mortgage industry needs. For more information about CoreLogic, visit www.corelogic.com.
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