Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nyse  >  CoreLogic, Inc.    CLGX


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Corelogic Inc : According to CoreLogic Mortgage Lending Industry Will Incur Increased Losses From the $13 Billion in Loans Containing Fraud Originated in 2012

12/05/2012 | 02:25pm EDT
Media Contacts

Jason Schneider
(404) 673-9099

Lauren Salay
(202) 232-6627

December 03, 2012, Irvine, Calif. -

-CoreLogic National Mortgage Fraud Index Reaches Highest Levels since 2007-

CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its 2012 Mortgage Fraud Trends Report which estimates the mortgage lending industry will originate $13 billion in loans containing fraudulent information, a $1-billion increase over the 2011 and 2010 figures. CoreLogic projects an increase in losses due to a greater number of mortgage fraud incidents, driven by higher 2012 mortgage origination volumes, as well as sharp increases in employment and identity fraud.

The report highlights findings from the CoreLogic National Mortgage Fraud Index, which provides a relative basis of comparison over time for residential loan origination mortgage fraud risk in the United States and represents the collective level of mortgage fraud that is likely to occur. It includes risk indices across multiple fraud types including employment, identity, income, occupancy, property and undisclosed debt. CoreLogic evaluates approximately 80 percent of all mortgage applications in the U.S. for potential fraud and tracks suspected and confirmed fraudulent activity on existing loans.

The CoreLogic National Mortgage Fraud Index rose 6.23 percent in the first quarter of 2012 to 85 from the first quarter of 2011 when the index stood at 80. Overall the CoreLogic National Fraud Index increased by 27.5 percent from 67 at the first quarter of 2009, which was the lowest level since CoreLogic first established the index.

"Mortgage fraud is a multi-billion dollar criminal activity that continues to be a critical concern for the mortgage banking industry. Increased risk and financial loss associated with mortgage fraud has a direct negative impact on a lender's bottom line," said Susan Allen, vice president, Product Management for CoreLogic. "Heightened awareness and analysis of emerging mortgage fraud threats are vital as criminals continuously look for opportunities to gain an unscrupulous profit at the expense of the lending community, taxpayers and homeowners."

Key findings in the CoreLogic 2012 Mortgage Fraud Trends Report include:

  • Nevada, Arizona, Georgia, Michigan and Florida experienced the highest levels of mortgage fraud risk at the state level. Chicago is the riskiest city for the second consecutive year followed by Atlanta; Oakland, Calif.; Orlando, Fla.; and Kissimmee/St. Cloud, Fla.
  • Employment fraud risk rose by 50 percent between the first quarter of 2011 and the first quarter of 2012 driven by continued challenges in the U.S. labor market. Florida, Nevada and Arizona, all with above-average rates of unemployment, lead the nation in employment fraud risk.
  • Identity theft is among the fastest growing mortgage fraud trends. Identity-related fraud alerts increased by 44 percent from the first quarter of 2011 to the first quarter of 2012. Nevada, Alaska and Mississippi have the highest levels of identity fraud risk.
  • Mortgage fraud Suspicious Activity Reports (SARs) are on pace to reach an all-time high of 117,106 for 2012, according to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), which issues the SARs. Financial Institutions are required to file a SAR when there is any indication of a legal or regulatory violation within a mortgage application. Filings in 2010 and 2011 accounted for nearly 37 percent of all filings over the previous 10 years.
  • Short sale fraud losses will reach approximately $325 million this year, representing a $25-million increase over 2011. The increase in short sale fraud losses is due to a projected 10-percent increase in short sale volume, which is expected to reach a five-year high in 2012. California, Florida and Arizona have the highest rate of suspicious short sales and account for more than half of all short sales in the U.S.

Download a complete copy of the CoreLogic 2012 Mortgage Fraud Trends Report at: http://www.corelogic.com/about-us/researchtrends/mortgage-fraud-trends-report.aspx

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading residential property information, analytics and services provider in the United States and Australia. Our combined data from public, contributory and proprietary sources spans over 700 million records across 40 years including detailed property records, consumer credit, tenancy, hazard risk and location information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. We deliver value to our clients through unique data, analytics, and workflow technology, advisory and managed services. Our clients rely on us to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.

distributed by

© Publicnow 2012
All news about CORELOGIC, INC.
04/14CORELOGIC  : What Is the Affordable Housing Crisis?
04/13CORELOGIC  : Did Low Interest Rates Really Make Homes Cheaper?
04/13CORELOGIC  : Early-Stage Delinquency Rate Lowest in Over 20 Years
04/13CORELOGIC  : Reports US Mortgage Delinquency Rates Fall for Fifth Consecutive Mo..
04/12CORELOGIC  : AGEAS Renew Strategic Collaboration With Multi-Year Deal
04/12CORELOGIC  : AGEAS Continues Technology Collaboration with CoreLogic to Deliver ..
04/08ECONOMICS : RBC Awaits RBA Semi-Annual Financial Stability Review, Friday
04/07PUTTING DATA TO WORK : Driving Innovations in Smart Cities
04/06CORELOGIC  : How to Predict Fire Insurance Losses
04/06MARKET FORCES AT WORK : Supply Constraints and Buyer Demand Pushes US Home Price..
More news
Financials (USD)
Sales 2021 1 666 M - -
Net income 2021 255 M - -
Net Debt 2021 1 608 M - -
P/E ratio 2021 21,9x
Yield 2021 1,66%
Capitalization 5 865 M 5 865 M -
EV / Sales 2021 4,49x
EV / Sales 2022 4,51x
Nbr of Employees 5 300
Free-Float 98,0%
Duration : Period :
CoreLogic, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CORELOGIC, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 9
Average target price 80,00 $
Last Close Price 79,68 $
Spread / Highest target 13,0%
Spread / Average Target 0,40%
Spread / Lowest Target -12,1%
EPS Revisions
Managers and Directors
Frank D. Martell President, Chief Executive Officer & Director
James L. Balas Chief Financial Officer
Paul F. Folino Chairman
Bob Frosell Chief Information Officer
Patrick Dodd Chief Operating & Growth Officer
Sector and Competitors
1st jan.Capitalization (M$)
CORELOGIC, INC.3.05%5 865
S&P GLOBAL INC.13.46%89 843
RELX PLC6.47%50 507
MSCI INC.3.02%38 066
WOLTERS KLUWER10.60%23 767