Among purchase-mortgage applications received last year, lenders denied 7.79% of conventional mortgage applications, 8.10% of VA loan applications and 12.70% of FHA loan applications.
Cotality’s latest National Mortgage Application Fraud Risk Index found that an estimated one in 129 mortgage applications showed indications of fraud in the first quarter.
Amy Moses, vice president for strategic growth at the Mortgage Industry Standards Maintenance Organization, said a widespread shift to eNotes will occur when industry participants recognize the economic benefits and when not participating in the eNote space would make them less competitive.