Volume 18 - Number 10
May 16, 2014
Occupancy Fraud a Concern for Lenders and CFPB
The increased incidence of occupancy fraud by borrowers in 2013 poses risks for lenders, but the industry also needs to be aware that the Consumer Financial Protection Bureau is on the lookout for lenders that facilitate occupancy fraud as a way to avoid the CFPB’s ability-to-repay rule. Occupancy fraud risk increased by 24 percent in 2013, according to Interthinx, a firm that provides fraud prevention services. “In previous years, when refinances dominated the market, we saw higher ...
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