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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 CFPBís ability-to-repay rule. Occupancy fraud risk increased by 24 percent in 2013, according to Interthinx, a firm that provides fraud prevention services. ďIn previous years, when refinances dominated the market, we saw higher ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.