Mortgage Application Fraud Highest in Florida
But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks.
“One in every 109 mortgage applications is estimated to have indications of fraud.” With high home prices and rents, rising mortgage rates, and heavy competition for available properties, potential buyers are feeling more pressure to own a place than ever.
An analysis of available law enforcement and industry resources indicates that one of the top ten mortgage fraud areas in the country is Florida.
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5 days ago. Here are the top 10 metros at the highest risk of mortgage application fraud in Q2: Miami-Fort Lauderdale-West Palm Beach, Florida.
Don’t Be a Victim. Combating mortgage fraud is a priority for the FBI, and we have more than 90 mortgage fraud task forces and working groups around the country to investigate crimes estimated.
For 2011, Florida headed the list as the state with the highest number of mortgage fraud investigations. data alone is not enough to identify fraud. It’s the application of linking technologies and.
The report states that Florida continues to be the riskiest state for mortgage application fraud. Specifically, CoreLogic reports that high-LTV purchase loans are the segment showing the greatest.
21 hours ago. Florida Cities Pace the Nation in Declining Fraud Risk, According to First. The Defect Index is down 21.6 percent from the high point of risk in October 2013.. ” This month, the Loan Application Defect Index for purchase.
· These are the states with the most fraud complaints. 1. Florida > Complaints per 100,000 population: 997.8. Average mortgage and auto debt in particular were among the highest.
You've probably heard this one: A home is the biggest – and most important. Securing a mortgage preapproval letter or getting prequalified by a lender are effective. Like applying for college, buying a home is all about narrowing your choices.. About · Careers · News · Fraud Protection Center · Partnerships · Events.