The Tampa Bay area is among the U.S. metro areas most at risk for mortgage application fraud. According to the real estate information firm corelogic, the bay area ranks sixth in the rate at which.
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New York, New Jersey and Florida remain the top three states for the risk of mortgage fraud as fraud on mortgage applications ticks up nationally, according to CoreLogic.
New York is the state with the highest risk of application fraud.. of prospective American homebuyers are lying on their mortgage applications.. application fraud were New York, New Jersey, Florida, Washington, the District.
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Florida continues to be a high-risk state for mortgage frauds according. The CoreLogic National Mortgage Application Fraud Risk Index held.
Mortgage fraud schemes cost financial institutions billions of dollars each year, Data from 2017 show that New York, New Jersey, and Florida, respectively, are the highest ranking states for mortgage application fraud risk.
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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.
Florida is one of the top ten mortgage fraud areas in the country. If you're having trouble making mortgage payments contact your lender or a Foreclosure.
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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.
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.