Mortgage app fraud risk levels off, except in Texas and Florida

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Florida ranked first among states with the largest year-over-year increase in mortgage fraud risk, according to the report, and Arizona had the largest decrease in mortgage fraud risk over the.

In comparison, 12,718 mortgage applications, or 0.70 percent, had indications of fraud in the second quarter of 2016. New York led the states with the highest level of application fraud risk, while jumbo refinance loans had the greatest fraud risk by product.

Mortgage Fraud. This page addresses residential mortgage fraud issues; mortgage fraud schemes generally employ some type of material misstatement, misrepresentation, or omission relating to the property or potential borrower which is relied upon by an underwriter or lender to fund, purchase, or insure a mortgage loan.

Cay Clubs CFO Convicted of Bank Fraud. Former Cay Clubs sales executives Barry Graham, 59, formerly of Ft. Myers, Florida and Ricky Lynn Stokes, 54, formerly of Ft. Myers, Florida, previously pled guilty to conspiracy to commit bank fraud in related cases and were sentenced to 60 months, and 30 months, respectively.

Mortgage Laws And Regulations To Protect The Consumer Following is a brief description of the major laws and regulations meant to govern the mortgage lending process, protect mortgage borrowers, and govern the practices of financial institutions with regard to mortgage lending and protection of borrower financial information.

Q4 Mortgage Fraud Risk Up 13%; Risk Greatest in Florida. Promises to rescue a borrower from a foreclosure can leave a beleaguered homeowner in even worse financial shape. The CoreLogic mortgage fraud report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter.

Mortgage Fraud Defined Mortgage fraud is a material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan.

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the increased level of fraud. Market participants are perpetrating mortgage fraud by modifying old schemes, such as property flip, builder-bailout, and short sale fraud, as well as employing newer schemes, such as buy and bail, reverse mortgage fraud, loan modification and refinance fraud, and mortgage servicing fraud.

If a homeowner believes he or she has been taken advantage of by a disreputable company, he or she should call the Florida Attorney General’s fraud hotline at 1-866-9-NO-SCAM or file a complaint online at myfloridalegal.com.