For several months in a row now, the risk of home loan applications having bad or bogus data has been on the rise. Issues tied to robust real estate sales might be a factor.
The frequency that information submitted in residential loan application has defects, fraudulence and misrepresentation was 4 percent greater last month than in February 2017.
That is according to the Loan Application Defect Index March 2017. The index reflects estimated mortgage loan defect rates over time.
Source: Mortgage Daily