Wednesday, December 14, 2011

California ranks No. 1 for mortgage fraud

Were Number #1!
Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.
That's according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation.
California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance.
New York was followed by Florida, South Carolina and Minnesota in terms of fraudulent activity.
The total loss value of all mortgage activity in the third quarter hit $1.3 billion.
In the third quarter, the Mortgage Fraud Index maintained by MortgageDaily noted that there were 1,173 mortgage fraud cases in the third quarter.

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