Humm… I would love do a comparaison of property tax records (homeowners’ exemptions) and compare that to loan application data to see if there’s a match on primary residence. If only I had time and ready access to the data….
As was discussed in another thread, people lie on stated income applications all the time, so fudging the numbers is not beyond imagination.
People move-up or down-size all the time. It’s not fraud if you intend to live in the home at the time of the loan application. But after the deal closes, you change your mind then turn that property into a rental or 2nd home.
I’m not advocating anything underhanded. I’m just wondering if the data concerning percentage of “investment” properties could be understated.
