For two straight years, the state of Florida led the list for having the most cases of mortgage fraud recorded. According to the industry data, more and more agencies are suspecting mortgage fraud as the housing market crashes.
Coming in second is the state of Nevada, which was ranked number six last year. The list was followed by Michigan, California, Utah, Georgia and Virginia.
The fraud list was actually released during a conference of the Mortgage Bankers Association in Chicago and did not include the state by state fraud cases. Instead, the list used the “fraud index” as basis. Aside from this, the report also cited statistics from the FBI that showed a 30 percent increase in mortgage fraud compared to 2007 and almost 200% to 2000. The sate was from the reports filed by insured lenders from all over the nation.
The high incidence of mortgage fraud is not even surprising. Experts believe that the blame can be shouldered by borrowers, real estate agents, builders, mortgage brokers and even the lenders. To curb mortgage fraud, the MBA actually called for more funding for the FBI and Justice Department. For the next 5 years, more that $31 million should be given to these agencies to shoulder the cost of new prosecutors and investigators.
Mortgage fraud has become a national concern especially when the housing market realized the major role it played. With the foreclosure crisis and bad market conditions, you can expect fraud to be quite evident.
For borrowers, it is very important to realize their financial capabilities in order to avoid mortgage troubles. If you are looking for additional mortgage tips, foreclosure news and of course, foreclosure listings, you can check out MostlyForeclosures.com. As one of the leading foreclosure brokers in the nation, you will be guaranteed of quality services.
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