Fraud and Misrepresentation Still a Challenge in Home Loan Applications

Depending on the financial situation of a buyer, the lending process—as well as underwriting—can be a lengthy one. While underwriting is a thorough practice that carefully assesses a buyer’s ability to repay a large sum of money, loan applications are still open to the possibility of defects, fraud and misrepresentation—and many market factors, such as rising interest rates, may be incentive enough for consumers to submit false income information in order to acquire a hom