Last month, potential fraud on new residential loan applications was no different than in July. A decline in risk on conventional applications was exceeded by the decline on government transactions.
The U.S. Loan Application Defect Index — which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications — was 70 in August.
Although there was no change from the previous month for the index, the risk of application has improved compared to the same month last year — with the index retreating 4 percent from August 2015.
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From:: Financing