Home / Daily Dose / Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers February 4, 2015 922 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post Share Save Tagged with: CoreLogic Interthinx Mortgage Fraud Risk Previous: Butler & Hosch Acquires Morris Schneider & Wittstadt’s Default Assets Next: FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago CoreLogic Interthinx Mortgage Fraud Risk 2015-02-04 Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mortgage fraud risk declined overall in the third quarter of 2014, though some categories still remain tricky as rising costs present a challenge to homebuyers.Based on an analysis of loan applications passing through its own fraud detection technology, Interthinx said Tuesday that its national Mortgage Fraud Risk Index measured 98 in Q3 2014, down 2 percent from the quarter prior and 9 percent from the same quarter a year ago.The findings align with CoreLogic’s latest fraud report, which revealed application fraud risk was down across all categories—except home equity lending, which has seen risk indicators rise as demand grows.While the overall trend indicates an ongoing drop in fraud, a handful of states are still particularly bad in terms of high-risk markets, including Florida, California, and Arizona, all of which have “disproportionately higher levels of distressed property sales and investor activity,” Interthinx said.Also included on that list are New Jersey, Connecticut, and Illinois, which have higher than average levels of both occupancy fraud risk (usually committed by investors) and property valuation fraud risk as straw buyers dominate some of the local markets.At the national level, Interthinx’s Property Valuation Fraud Risk Index was 122 as of Q3, down 5 percent quarter-to-quarter but up 20 percent year-to-year.The national Occupancy Risk Index was 133, up 4 percent over the quarter but down 10 percent from the year prior.Also declining in Q3 was Interthinx’s measure of employment/income fraud risk, which dropped both quarter-over-quarter and year-over-year to 59. California was far and away the riskiest state for that category, contributing nine of the top 10 riskiest metro markets, including the No. 1 spot: Fresno, which posted an index value of 133.The one outlier was Boulder, Colorado, which took the No. 2 spot with an index of 123—an 81 percent spike from the second quarter.While increased scrutiny brought on by last year’s ability-to-repay rule helped drive down employment/income fraud in the latest index reading, decreases in housing affordability are keeping levels up in those high-risk markets, Interthinx said.”Housing price pressure and home affordability can closely correlate with fraud risk,” said Jeff Moyer, president of Interthinx. “When first time or lower income homebuyers face challenges during the qualification of credit, it can open the door to potential risk factors.”He added, “Conversely, in the most affordable markets—where median income exceeds monthly housing expense, deposits are stronger, and consumer debts are lower, there is less likelihood to misrepresent income and our indices show comparatively lower fraud risk.” About Author: Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Subscribe
Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) Image by United States Attorney’s Office.BUFFALO – A Jamestown man is scheduled to be sentenced on child pornography charges in U.S. Federal Court on June 30, according to the U.S. Attorney’s Office. James A. Chapman, A.K.A. “Fatz Guy” or “Perverted Doe,” was previously scheduled for sentencing earlier this month. Chapman plead guilty last May to charges of possession and production of child pornography. He faces a mandatory minimum penalty of 15 years in prison, a maximum of 40, and a $250,000 fine.Assistant U.S. Attorney Aaron J. Mango, who is handling the case, said that on Nov. 24, 2014, Chapman and Victim 1 communicated via Facebook Messenger about engaging in sexual activity. During the communications, the defendant offered to pay Victim 1 and one of her friends $60 each to have sex with him. Victim 1 stated that she was 16-years-old and that her friend was the same age. Later that evening, Victim 1 and Victim 2 went to Chapman’s residence in Jamestown, and the defendant engaged in sexual intercourse with them, after which Chapman paid each victim $60.Following the sexual activity, the defendant used his cellular telephone to take a picture of Victim 1 and Victim 2 completely nude sitting on his bed. A review of Chapman’s Facebook accounts revealed that he then distributed the photograph, which constitutes child pornography, to four other individuals. Subsequently, on April 7, 2017, the defendant began communicating with Victim 3, who was 17-years-old, through Facebook. During their communications, Chapman requested and received a sexually explicit image of Victim 3. The defendant then sent the image, which constitutes child pornography, to another individual. In addition, Chapman sent Victim 3 the sexually explicit image he took of Victim 1 and Victim 2.The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Gary Loeffert, and the Jamestown Police Department, under the direction of Chief Harry Snellings.
A team of researchers from USC and Aarhus University in Denmark has discovered bacteria with the ability to transmit electrons over large distances. They published their discovery in the science journal Nature on Wednesday.They found that Desulfobulbus bacterial cells have the ability to transmit electrons as far as 1 centimeter, or thousands of cell lengths away, as part of their respiration and ingestion processes.“To move electrons over these enormous distances in an entirely biological system would have been thought impossible,” Moh El-Naggar, assistant professor of physics at USC and co-author of the paper, said in a release.Research began after Aarhus scientists discovered an electric current on the sea floor several years ago. The experiments conducted by USC and Aarhus researchers found that the apparently inexplicable currents were created by unknown multicellular bacteria that function as living power cables.The cells survive through a chemical reaction: the cells that live in an oxygen-deficient zone oxidize hydrogen sulfide, a process that provides oxygen for other cells on the top.“You have feeder cells on one end and breather cells on the other, allowing the whole living cable to survive,” El-Naggar said in a release.Researchers from both universities collaborated on physical evaluations of this long-distance electron transfer. El-Naggar and his colleagues had previously used some of the methods he used in his research, including scanning-probe microscopy and nanofabrication.El-Naggar was recently named one of the Popular Science magazine’s article “Ten Young Geniuses Shaking Up Science Today.” He collaborated on the paper with Lars Peter Nielsen from the Aarhus University Department of Bioscience. The paper was funded by the European Research Council, the Danish National Research Foundation, the Danish Foundation for Independent Research and the German Max Planck Society.