Although the risk of fraud decreased last month on loans to finance a home purchase, an increase was recorded for refinances. Overall risk was lower.

As of March, the Loan Application Defect Index — an estimate of the level of defects, fraud and misrepresentation detected in the information submitted in mortgage applications — was 82.

Compared to the previous month, the index retreated by more than 1 percent. The decline is an indication that the level of fraud risk has eased.

Source: Mortgage Daily