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Florida Leads Nation In Mortgage Fraud, Reports States
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Published: August 25, 2008
TAMPA - We're No. 1. By a long shot.
Florida ranks highest among all states for mortgage fraud, according to a report released today by Reston, Va.-based Mortgage Asset Research Institute.
In fact, 24 percent of fraudulent loans reported to the institute during the first quarter originated on properties in Florida.
Incidents of mortgage fraud in the United States increased by 42 percent in the first quarter of 2008 compared with the same quarter a year ago, according to the report.
The data used in the report were submitted by lenders, and all the loans included were originated in the first quarter of this year. All have been classified by lenders as fraudulent.
California ranked second. Sharing third place are Illinois, Maryland and Michigan.
For all states, the top fraud incident was "General Application Misrepresentation," which includes things such as providing the wrong Social Security number or different signatures for the same applicant. Misrepresenting income and employment was the second most reported type of fraud.
The research institute typically releases mortgage fraud data annually but decided to launch quarterly reports to help lenders keep up to date on fraud trends.
Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com
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