5 States With the Most Mortgage Fraud

Providing false or incorrect information on a loan application is mortgage fraud. According to the FBI, mortgage loan fraud is one of the fastest growing forms of white collar crime in the United States. While mortgage fraud comes in a number of different forms, some types are more commonplace than others. Income Fraud – One of the most.

Florida led the way by a large margin, with eight times the number of expected investigations, according to the LexisNexis Mortgage Fraud Index. Nevada came in second, with just more than 2.5.

A review of B.C. regulatory filings points to a growing number of mortgage fraud cases involving fake incomes. and offshore real estate investments worth $5 million. Finally, the borrower was.

Federal and State Agencies Stop Phony Mortgage Relief Schemes  · The federal trade commission and the State of Florida have taken action against two operations charged with running phony student loan debt relief schemes, and defendants in a similar FTC action brought earlier this year have agreed to a ban on participating in any debt relief business, as part of a consumer protection crackdown to combat such frauds.

Mortgage Fraud: Intentionally falsifying information on a mortgage loan application. The intention of mortgage fraud is typically to receive a larger loan amount than would have been permitted if.

Mortgage fraud occurs when someone lies, confuses, or intentionally omits important information during the mortgage application and approval process. Mortgage fraud is possible through a single act by either a lender or a borrower. A wide range of activity can constitute mortgage fraud, and state laws that punish the crime differ significantly.

Here are some of the most common frauds victimizing consumers right now and how to protect yourself. Mortgage Fraud. Just last year, the FBI opened 599 mortgage fraud cases and had 1,089 mortgage fraud convictions. Still, the agency had 2,590 pending mortgage fraud investigations at year end.

Occupancy fraud – involving borrowers who lie about how they plan to use a property – climbed by 3.5%. The U.S. states where the risk of mortgage application fraud is highest are New York, New Jersey and Florida, according to the report. The metropolitan areas with the highest risks are Miami, Springfield, Mass., and New York.

This page addresses fraudulent or abusive lending practices in the mortgage market, commonly referred to as predatory lending. The most prevalent categories of abusive practices include: Loan flipping-repeatedly refinancing loans, charging high fees each time. Excessive fees and "packing"-adding.

Homeowners Insurance vs. Home Warranty Mortgage Masters Group And given how much scrutiny goes into inspecting a home, having the peace of mind of a home warranty can be just what you need to pull the trigger on a new pad. why a home warranty doesn’t replace homeowners insurance. While a warranty is nice, no question about it, it’s not the same as having homeowners insurance (sorry to burst your bubble).

Despite the improvement, about 2.5 million residential properties with a mortgage were still in negative equity. In the third quarter, the Western states saw the most gains, in terms of home equity.