Olympic Peninsula has been the target of wire fraud three times in the last six months. In the first instance, a hacker infiltrated one of the seller’s accounts on a $350,000 sale, but it was derailed when staff noticed the sender’s email address contained .com.za.
There’s no question that mortgage fraud is rampant – and expensive. Since the beginning of 2012, mortgage application fraud has totaled more than $30 billion nationally with income fraud experiencing the biggest year-over-year increase, according to CoreLogic.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.