Despite Strict Lending Rules, Mortgage Applicants Still Lie

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December 16, 2014

Falsified mortgage applications made up 74 percent of fraud cases in the mortgage industry, up from 61 percent in 2011, Bloomberg Businessweek reports.
 
In fact, this number is greater than the 70 percent of 2008. Falsified applications can include borrowers lying about their income, employment history, or whether they are buying a first or second home.
 
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