5 States With the Most Mortgage Fraud

Summer VA Mortgage Rates – July 2015 Bradenton Beach : A small seaside city with Great Real Estate SHOPPING SUPER MALL: January 2007 About Home Loans. VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

Mortgage fraud is covered under the 2009 fera (fraud Enforcement and Recover Act). This Act has highlighted the fines and prison sentences relating to mortgage fraud. FERA is a federal legislation, and most states also have their own laws in place.

Statistics show that mortgage fraud is a growing threat. In the second quarter of 2016, 0.7% of US mortgage applications showed some type of fraud. Florida is currently the riskiest state for mortgage application fraud. 8. Debit Card and Credit Card Fraud. It is very easy to be scammed with your debit card.

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Federal Bureau of Investigation (FBI) In fact, the FBI caseload for mortgage fraud has accelerated vastly due to the fact the housing bubble forced more house owners into feasible foreclosures. The FBI has fifty-six subject offices centrally placed in main metropolitan areas throughout the U.S. And Puerto Rico.

 · Still, the agency had 2,590 pending mortgage fraud investigations at year end. Today’s mortgage scams are often aimed at distressed homeowners, states the FBI’s Financial Institution Fraud.

According to the BasePoint Analytics study, the most common types of fraud are employment, income, and occupancy misrepresentations-all of which relate to documentation. 9 The Mortgage Asset Research Institute (MARI) reports that in a sample of loans by one of MARI’s clients, 90 percent of stated incomes were exaggerated by 5 percent or more, and 60 percent of stated incomes were inflated by.

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In fact, nearly all the states with the most fraud cases per capita had among the. average auto, credit card, mortgage and student loan debt, provided by. Nearly one in five consumer complaints of identity theft in Delaware.

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 · In addition to the $2 million settlement with Missouri, LPS settled with Michigan, the other state to convict Lorraine O. Brown, for $2.5 million. Other states followed suit.

Ohio’s inclusion on the "top foreclosure states list" could be due to a skyrocketing one-month bank-owned foreclosure rate of 77.3% from the middle of February to the middle of March, which could well be a statistical outlier, given that actual bank-owned residential property closings fell 3.5% for the prior year.