Morning Briefing: This state has the highest risk of mortgage fraud

by Steve Randall16 Oct 2015
This state has the highest risk of mortgage fraud
A new report from CoreLogic says that Florida continues to be the state with the highest risk of mortgage fraud while Louisiana has the largest increased risk year-over-year. Across the nation there has been an 8.9 per cent decrease in mortgage fraud risk in the 12 months to the end of the second quarter of 2015.

The analysis found that during the second quarter of 2015, approximately 12,814 mortgage applications, or 0.67 per cent of all mortgage applications, contained indications of fraud compared to the reported 11,100 or 0.69 per cent in the second quarter of 2014.

The growth of mortgage application fraud risk in Louisiana was 17 per cent year-over-year while the largest decrease was in Kansas at 32.5 per cent. Jumbo mortgages, followed by low down-payment loans, had the highest level of risk.
Mortgage rates tick higher but remain below 4 per cent
For the twelfth straight week mortgage rates were below 4 per cent on average according to Freddie Mac analysis. For the week ending Oct. 15, 30-year FRM’s averaged 3.82 per cent, up from 3.76 per cent a week earlier; 15-year FRM’s averaged 3.03 per cent, up from 2.99 per cent; 5-year ARM’s averaged 2.88 per cent, unchanged from the previous week; 1-year ARM’s averaged 2.54 per cent, down 0.1 per cent.
Beastie Boy sells Brooklyn home
Mike Diamond of the Beastie Boys has sold the Brooklyn townhouse that has been home to him and his wife and children since 2011. The musician, who’s most famous hit was ‘No Sleep Till Brooklyn’ bought the four story Baltic Street home for $3.1 million and has renovated it over the past few years. It has sold for $5.548 million, just under the asking price of $5.65 million.
International housing body calls for action on affordability
The International Housing Association has used a meeting in Ontario, Canada to call for advanced action on housing affordability. The IHA’s affiliates around the world, which includes America’s National Association of Home Builders, will share common challenges as well as successful strategies for tackling the issue of housing affordability which is prolific across much of the developed world.