mortgage fraud risk highest in Florida, New York, New Jersey. CoreLogic’s mortgage application fraud risk index rose 3.9% year over year. Mortgage fraud can take many forms. The basic motive.
But according to CoreLogic, mortgage application fraud totals more than $30 billion annually. In one year alone, more than $10 billion in mortgage loans originated based on fraudulent data on applications.
In Florida, there is a specific statute that covers mortgage fraud. However, in many cases, prosecution is done on a federal level. It is also important to understand that there are different types of mortgage fraud. These include: Borrower fraud, whereby the borrower intentionally lies or omits important information.
In fact, mortgage application fraud. the most overall mortgage fraud. To rank the states, the LexisNexis Mortgage Fraud Index 1 (MFI) is utilized, which calculates each state’s fraud problem. For.
A Miami title agent and former mortgage broker was sentenced today for her role in a reverse mortgage loan fraud scheme. Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida, and Special Agent in Charge Lester Fernandez of the U.S. Department of Housing and Urban Development, Office.
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The company’s National Mortgage Application Fraud Risk Index increased only slightly in the first quarter of 2019 from the end of 2018 and is at 152. This is a 6 percent increase year over year from 144 in the first quarter of last year. Florida remains the fraud capital; eight of the top 15 metro areas on the fraud index are in the state.
Mortgage Application Fraud Highest in Florida Apr 29 2019, 1:34PM CoreLogic says that, while the incidence of mortgage fraud has remained relatively stable in recent quarters, income fraud remains.
The national mortgage application fraud risk index rose from. CoreLogic’s mortgage fraud risk index is standardized to a baseline of 100 for the share of high-risk loan applications nationally in.
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As the Tampa Bay area continues to grow and more people relocate to the city, it can be expected that mortgage application fraud risk may continue to increase. Elsewhere in Florida, the Miami-Fort Lauderdale-West Palm Beach metro was ranked highest for mortgage application fraud risk, with an index rating of 288.