Up to 70% of mortgage early payment defaults can be linked to fraud, according to a new study by BasePoint Analytics, a Carlsbad, Calif.-based provider of fraud scoring software.The study, aimed at probing the link between fraud and payment trends in the early life of a loan, found that loans with "egregious misrepresentations" on the loan application were up to five times more likely to default in the first six months than other loans. "Many lenders are facing increases in repurchase requests and early payment defaults," said Tim Grace, president and chief executive of BasePoint. "We can demonstrate for lenders and investment banks how they can substantially reduce their EPD losses, and often within a short period of time." The company can be found online at http://www.basepointanalytics.com.
-
The top five producers had an average dollar loan volume of more than $140 million in 2023.
1h ago -
The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
2h ago -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22 -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22