Mortgage Application Fraud Highest in Florida
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Mortgage fraud occurs when someone lies, confuses, or intentionally omits important information during the mortgage application and approval process. Mortgage fraud is possible through a single act by either a lender or a borrower. A wide range of activity can constitute mortgage fraud, and state laws that punish the crime differ significantly.
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Miami, Florida topped the list for the highest application fraud risk. “Depending on the charges, mortgage fraud may carry up to thirty years in prison, and a fine, along with an order of asset.
New York, New Jersey, and Florida remain the top 3 states for mortgage application fraud risk, maintaining the same positions as last year.. The CoreLogic Mortgage Application Fraud Risk Index increased 12.4 percent. Many high-risk transactions have fallen out of
FLORIDA TOPS THE NATION IN MORTGAGE FRAUD, Fudging on that loan application may seem innocuous enough:. September that the state had the highest rates in the nation of misrepresentations on mortgage.
· 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.
· Florida, Tampa bay rank high in risk of mortgage fraud New York, New Jersey and Florida remain the top three states for the risk of mortgage fraud as fraud on mortgage.
-As the saying goes – a rising tide lifts all boats – and Florida is getting a bit of an extra lift this month, says Chief Economist Mark Fleming- First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for June.
Home refinancing loans typically have lower levels of application fraud risk. CoreLogic’s mortgage fraud risk index is standardized to a baseline of 100 for the share of high-risk loan applications.