in News > Residential Mortgage
print the content item
The number of mortgage fraud cases prosecuted in the U.S. increased about 16% in the first quarter, compared to the fourth quarter of 2012, according to Mortgage Daily's quarterly Mortgage Fraud Index.

About 125 mortgage fraud cases were prosecuted on the federal, state and local level in the first quarter, up from the 105 cases prosecuted in the fourth quarter of last year.

Despite the recent increase, mortgage fraud remains low overall, according to Mortgage Daily. In fact, it is down by about 25% compared to the first quarter of 2012, when 171 cases were prosecuted.

The dollar amount of home loans involved in the cases increased to $1.4 billion in the first quarter, up from $1.3 billion in the fourth quarter, but a decrease from $1.8 billion in the first quarter of 2012.

The state with the most mortgage fraud activity was California, with 107 cases in the first quarter. In fact, California surpassed Florida in terms of total cases prosecuted in the first quarter. Florida had the highest number of cases prosecuted in the fourth quarter of 2012. Rounding out the top five states for mortgage fraud were New Jersey, Ohio and Pennsylvania.

Pennsylvania had the largest dollar amount of mortgage fraud in the first quarter, at $226 million. This was due mainly to the prosecution of a huge $100 million case involving more than a dozen defendants. California and Florida had the second and third highest dollar amounts of fraud, respectively, for the first quarter.

To view the full First Quarter 2013 Mortgage Fraud Index report, click here.




Latest Top Stories

New Home Sales Rose Slightly In October

It was the fifth consecutive month that the U.S. Census Bureau and U.S. Department of Housing and Urban Development downwardly revised the previous month's new home sales estimate.


PRIA: Two-Thirds Of County Recorders Now Have E-Recording In Place

More than 1,200 counties - or 68% of the nation's 3,600 recording jurisdictions - now have e-recording systems in place, according to a recent study conducted by the Property Records Industry Association.


Rise Of The Humans: Automation Versus Personalized Service

In lending, the increased adoption of more technology-driven methods of business and support should not overshadow the importance of the human element.


Why It's Time To Market HELOCs And Home Equity Loans

Lenders are and should be promoting home equity products that allow borrowers to tap into that rising equity.


Clear Capital: The College Town Effect On Housing

According to Clear Capital, towns with noteworthy university influence boast home price trends that far outperform the national rates of growth since 2004.

Urban Lending_id1351
Hse SandyHook
Industry Resource
Play for Pink
NAMFS_id1399
MBA-TX_id
MBATX_id1385
SWBC_id1313