Florida Sees 19 Year To Year Drop In Mortgage Fraud

Florida Sees 19 Year To Year Drop In Mortgage Fraud

Fla. sees 19% year-to-year drop in mortgage fraud

NEW YORK – Sept. 22, 2016 – According to the second quarter mortgage fraud report from CoreLogic, Florida continues to lead the nation, but the total amount of mortgage fraud in the Sunshine State dropped significantly – 19 percent in a year-to-year comparison. Nationwide, mortgage fraud rose over the same period by 3.9 percent.

Miami ranked first nationwide for mortgage fraud risk, and seven out of the top 10 high-risk cities are in Florida.

The CoreLogic Mortgage Application Fraud Risk Index is standardized to a baseline of 100; each 1-point change in the index represents a 1 percent change in the share of mortgage applications with a high risk of fraud.

Florida cities in the top 25, by rank, for mortgage fraud risk

1. Miami-Fort Lauderdale-West Palm Beach: 278 risk index

2. Lakeland-Winter Haven: 226 risk index

3. Tampa-St. Petersburg-Clearwater: 213 risk index

5. Jacksonville: 198 risk index

6. Deltona-Daytona Beach-Ormond Beach: 193 risk index

7. Orlando-Kissimmee-Sanford: 181 risk index

11. Palm Bay-Melbourne-Titusville: 163 risk index

12. Cape Coral-Fort Myers: 161 risk index

14. North Port-Sarasota-Bradenton: 152 risk index

Increase/decrease of risk by fraud type (nationally)

  • Income fraud: Up 12.5%. With income fraud, applicants lie about their income in order to qualify for a mortgage.

  • Transaction fraud: Up 3.2%. With transaction fraud, the nature of the deal isn't fully revealed, such as falsified downpayments or undisclosed agreements.

  • Occupancy fraud: Up 2.9%. In this case, applicants lie about their intended use of the property.

  • Undisclosed real estate debt fraud: Down 3.4%. Applicants who fail to disclose other real estate debt, such as another mortgage or taxes, commit this type of fraud.

  • Identity fraud: Down 10.8%. Considered one of the worst types of fraud, applicants apply under a name other than their own.

  • Property fraud: Down 14.2%. In this case, the application contains lies about the property or its value.

© 2016 Florida Realtors®

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: September 23rd 2016
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