TALLAHASSEE, Fla. (WTXL) – Florida remains one of the top three states for mortgage application fraud risk. That’s according to Core-Logic’s latest Mortgage Fraud Report.
Florida led the nation with nearly 1,000 total complaints per 100,000 people. Based on data published by the FTC’s annual Consumer Sentinel Report, 24/7 Wall St. identified the 10 states with the most.
Florida was the worst hit state, according to MARI, with a mortgage fraud index reading of 292. That means the Sunshine State had nearly three times the expected level of fraud given the number of.
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Overall, Nevada had the second-highest rate of mortgage fraud last year, according to LexisNexis. The company gave Nevada a mortgage fraud index tally of 221, meaning its rate of fraud was more than twice the expected rate, based on loan-origination volume. Nevada has held the No. 2 ranking since 2010.
Within Florida state law, real estate and mortgage fraud are governed by Statute 817.545. Under this law, a person has committed mortgage fraud if they act knowingly and intend to defraud while: Materially misrepresenting facts in order to obtain a loan
Among states, Florida moved into the top spot for mortgage fraud, displacing Rhode Island, which led the nation in 2008 but dropped out of the top 10 rankings in 2009. Florida had nearly three times.
""Fraud increases risk exponentially, and the industry must meet this threat head on using all available intelligence and tools."" According to MARI’s study, Florida has moved back into first place.
· Foreclosure scams are up 58 percent, and the state that’s tops in mortgage fraud investigations has held its lead for the fifth straightIN
The analysis showed Florida had a mortgage fraud index of 766, which is over seven times the expected rate of fraud investigations for the state based on the number. Miami-Fort Lauderdale ranked.
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This week, CoreLogic released its “2018 mortgage fraud Report.” The lowlight is this: Florida owns the top of the rankings for. to commit fraud,” the report states. The proportion of purchase.
Meanwhile, a separate analysis from Bankrate has revealed the Top 10 states for mortgage fraud: it found that Florida led the way by a large margin, with eight times the number of expected mortgage fraud investigations, according to the LexisNexis Mortgage Fraud Index. Nevada came in second, with just more than 2.5 times the number of expected investigations.