Mortgage and loan fraud is on the rise, having leapt 15% in the first quarter of 2022 over the same quarter last year. Lenders should be aware that the threat of mortgage fraud is highest in the following metropolitan areas, ranked by risk:
Poughkeepsie – Newburgh – Middletown, New York
Miami – Ft. Lauderdale – Pompano Beach, Florida
San Jose – Sunnyvale – Santa Clara, California
Las Vegas – Henderson – Paradise, Nevada
New York – Newark – Jersey City, New York, New Jersey and Pennsylvania
Los Angeles – Long Beach – Anaheim, California
San Francisco – Oakland – Berkely, California
New Orleans – Metairie, Louisiana
McAllen – Edinburg – Mission, Texas
Orlando – Kissimmee – Sanford, Florida
Houston – The Woodlands – Sugar Land, Texas
Bridgeport – Stamford – Norwalk, Connecticut
San Antonio – New Braunfels, Texas
Tampa – St. Petersburg – Clearwater, Florida
Even if your institution doesn’t have operations in any of these major metro areas, it’s advised that all lenders be on the lookout for fraudulent mortgage and refi applications, forged or missing data in all paperwork, potential issues with employees and possible title transfer frauds.
However, it may be nearly impossible for the naked eye to catch many, if not all, of these frauds.
It’s why banks and other lenders should implement an artificial-intelligence-based fraud detection and prevention system capable of detecting even the smallest of data anomalies that often pass through mortgage and lending departments unnoticed.
ToolCASE custom develops Ai for banks and lenders that can identify risk almost immediately and detect fraudulent activities in real-time.
With mortgage fraud having jumped 15% in Q1, and is likely to keep growing, the ToolCASE solution could potentially save your institution millions in fraudulent mortgage losses.
Discover the ToolCASE solution to bank and mortgage fraud, and get a full demonstration of its wide-ranging detection and prevention capabilities, HERE
Or read more about the rise in mortgage fraud, HERE