More than one-third of U.S. states, including California, Florida and New York, have laws prohibiting at least one form of fraud related to mortgages. The New York law ( NY Penal Code, article 187 ), for example, defines "residential mortgage fraud" as an intentional act that involves statements that contain materially false information or that conceal information for purposes of misleading another party.
Florida was the worst hit state, according to MARI, with a mortgage fraud index reading of 292. That means the Sunshine State had nearly three times the expected level of fraud given the number of.
Commenting on the study, Tom Gallagher, Florida’s chief financial officer, said that the agency’s division of insurance fraud leads the nation with a budget that is about two-thirds smaller than.
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Florida leads the nation in mortgage fraud – a dubious distinction the state has held for the past five years, according to a new report from LexisNexis Risk Solutions . The Alpharetta, Ga.-based data and analytics firm said Florida’s mortgage fraud rate "is more than five times the expected rate of fraud for the state,” based on the volume of mortgages originated.
Florida Leads the Country in Mortgage Fraud, Again. Yes, Florida once again led the nation in mortgage fraud. Miami-Dade walks away with the team MVP award too, as 5 percent of all mortgage fraud cases in the nation take place right here. According to a report released by LexisNexis Mortgage Asset Research Institute,
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After years of decline, bankruptcies this year have jumped 11 percent in Florida overall and 12 percent in the. clothing -.
Refi Recession Drives Up Mortgage Fraud Risk. A Florida loan originator is headed to prison after admitting to federal authorities that he helped in the sale of condominiums by fooling mortgage lenders with bogus documents.. mortgage lawsuits. mortgage leads. mortgage lender ranking.
The FTC doesn’t drop Felony Lane by name, but the study’s focus on South Florida illustrates the movement’s impact. In a state-by-state comparison for fraud, Florida tops the list: In 2014, 200,392 complaints of fraud were reported in the state. For every 100,000 people, that’s 1,007.3 reports – the highest rate in the country.