The current mortgage environment is facilitating a rise in mortgage application defects and fraud according to First American.
The title insurance and real estate risk solutions firm says that low rates are driving a rise in purchase and refinance applications, leading to greater potential for misrepresentations.
“Prospective home buyers and existing homeowners reacted to the lower rates, resulting in a mini-boom in mortgage applications, both purchase and refinance,” said Mark Fleming, First American’s chief economist. “In fact, according to the Mortgage Bankers Association, overall mortgage application volume increased 23.5% for the week ending on January 4, 2019. The decline in
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