NMP - November 2019 - 15

Mortgage Fraud Risk
at Multi-Year Low Point

were also pointing to an improved
situation.
"Employment fraud risk has
steadily declined since March 2019
and employment-specific fraud risk
was 9.2 percent lower in
September than August, and 7.8
percent less than a year ago," said
Fleming. "Additionally, incomespecific fraud risk in September
was 12.5 percent lower compared
with one year ago. So far, both the
economy and fraud risk have
reached positive milestones in
2019. The pattern seems clear-as
long as the economy trends up,
fraud risk trends down."

Millennial Home Refinancing
at New Heights

Refinances represented 33 percent
of all loans closed by Millennials in
September, according to new data
from Ellie Mae. This is up eight
percent from August and marks the
continued on page 16

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15

n National Mortgage Professional Magazine n NOVEMBER 2019

The frequency of defects,
fraudulence and misrepresentation
in the information submitted in
mortgage loan applications
decreased by 5.5 percent from
August to September, according
to new data from the First
American Financial Corp. Loan
Application Defect Index.
Compared to September 2018,
the Defect Index plummeted by
1.5 percent.
During September, the Defect
Index for refinance transactions
decreased by 4.5 percent
compared with the previous
month and fell 10 percent
compared with a year ago. The
Defect Index for purchase

transactions tumbled by 2.6
percent compared with the
previous month and is 6.3 percent
lower compared with a year ago.
"The overall Defect Index has not
been this low since December
2016," said Mark Fleming, chief
economist at First American. "In fact,
the Defect Index for purchase
transactions reached an impressive
milestone-the lowest point since we
began tracking defect risk for
purchase transactions in January
2011."
Fleming added that the data in
First American's employment- and
income-specific defect indices

NationalMortgageProfessional.com

San Francisco (51.1 percent), Los
Angeles, CA (46.6 percent),
Santa Rosa, Calif. (46.5 percent)
and Honolulu (39.4 percent).
The top 10 states with the
highest shares of mortgages that
were seriously underwater in the
third quarter were all in the South
and Midwest: Louisiana (16.5
percent seriously underwater),
Mississippi (15.8 percent), West
Virginia (14.2 percent), Iowa (14.0
percent) and Arkansas (13.1
percent). Among the nation's
largest metro areas, those with
the highest share of mortgages
that were seriously underwater
included Youngstown, Ohio (16.8
percent), Baton Rouge, La. (15.7
percent), Scranton, Pa. (14.3
percent), Cleveland (14.0
percent) and Toledo, Ohio (13.8
percent).
"The latest numbers reveal
another profound impact of the
extended housing boom, as far
more homeowners find
themselves on the right side of
the balance sheet instead of the
wrong side," said Todd Teta,
chief product officer with ATTOM
Data Solutions. "This is a
complete turnabout from what
was happening when the housing
market crashed during the Great
Recession. There are notable
equity gaps between regions and
market segments. But as home
values keep climbing,
homeowners are seeing their
equity building more and more,
while those with properties still
worth a lot less than their
mortgages represent just a small
segment of the market."


http://www.NationalMortgageProfessional.com http://m.mbshighway.com http://www.MBSHighway.com/MNN

NMP - November 2019

Table of Contents for the Digital Edition of NMP - November 2019

Contents
NMP - November 2019 - CT1
NMP - November 2019 - CT2
NMP - November 2019 - Cover1
NMP - November 2019 - Cover2
NMP - November 2019 - 1
NMP - November 2019 - Contents
NMP - November 2019 - 3
NMP - November 2019 - 4
NMP - November 2019 - 5
NMP - November 2019 - 6
NMP - November 2019 - 7
NMP - November 2019 - 8
NMP - November 2019 - 9
NMP - November 2019 - 10
NMP - November 2019 - 11
NMP - November 2019 - 12
NMP - November 2019 - 13
NMP - November 2019 - 14
NMP - November 2019 - 15
NMP - November 2019 - 16
NMP - November 2019 - 17
NMP - November 2019 - 18
NMP - November 2019 - 19
NMP - November 2019 - 20
NMP - November 2019 - 21
NMP - November 2019 - 22
NMP - November 2019 - 23
NMP - November 2019 - 24
NMP - November 2019 - 25
NMP - November 2019 - 26
NMP - November 2019 - 27
NMP - November 2019 - 28
NMP - November 2019 - 29
NMP - November 2019 - 30
NMP - November 2019 - 31
NMP - November 2019 - 32
NMP - November 2019 - 33
NMP - November 2019 - 34
NMP - November 2019 - 35
NMP - November 2019 - 36
NMP - November 2019 - 37
NMP - November 2019 - 38
NMP - November 2019 - 39
NMP - November 2019 - 40
NMP - November 2019 - 41
NMP - November 2019 - 42
NMP - November 2019 - 43
NMP - November 2019 - 44
NMP - November 2019 - 45
NMP - November 2019 - 46
NMP - November 2019 - 47
NMP - November 2019 - 48
NMP - November 2019 - 49
NMP - November 2019 - 50
NMP - November 2019 - 51
NMP - November 2019 - 52
NMP - November 2019 - 53
NMP - November 2019 - 54
NMP - November 2019 - 55
NMP - November 2019 - 56
NMP - November 2019 - 57
NMP - November 2019 - 58
NMP - November 2019 - 59
NMP - November 2019 - 60
NMP - November 2019 - 61
NMP - November 2019 - 62
NMP - November 2019 - 63
NMP - November 2019 - 64
NMP - November 2019 - 65
NMP - November 2019 - 66
NMP - November 2019 - 67
NMP - November 2019 - 68
NMP - November 2019 - 69
NMP - November 2019 - 70
NMP - November 2019 - 71
NMP - November 2019 - 72
NMP - November 2019 - 73
NMP - November 2019 - 74
NMP - November 2019 - 75
NMP - November 2019 - 76
NMP - November 2019 - 77
NMP - November 2019 - 78
NMP - November 2019 - 79
NMP - November 2019 - 80
NMP - November 2019 - Cover3
NMP - November 2019 - Cover4
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201912
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http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201612
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http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201609
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