Mortgage Application Fraud Highest in Florida

Mortgage Fraud. Homeowners should first try talking to their lenders or a lawyer before contracting with any third-party company for rescue or modification services. 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.

and mortgage application fraud, the most common type of reported mortgage fraud by far in 2013. In addition to covering the composition of fraud, the report also ranks the states that have the most serious reported mortgage fraud problem based on industry-contributed mortgage fraud.

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.

Also, the cost of lower-level fraud, like lying on mortgage applications, overestimating appraisals, and the practice of pocket listings, may not have consequences until much later on. But according to CoreLogic, mortgage application fraud totals more than $30 billion annually.

The company’s National Mortgage application fraud risk Index increased only slightly in the first quarter of 2019 from the end of 2018 and is at 152. This is a 6 percent increase year over year from 144 in the first quarter of last year. Florida remains the fraud capital; eight of the top 15 metro areas on the fraud index are in the state.

 · A fraud security alert could slow down the mortgage approval process, but it shouldn’t stop it altogether. Your lender is required by law to take reasonable action in response to the security alert. That means it must take additional steps to verify your identity.

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Noah Solis – Alterra Home Loans Alterra Home Loans is a Direct Lender, serving families across state lines and in our local community. We are a fully staffed mortgage banker with In-House Processing, Underwriting, and Funding. Our emphasis is on the Customer Experience, with a high degree of integrity, and a competitive product that fits the individual needs of each client.

Mortgage fraud risk has hit its highest level since the recession, according to new data from CoreLogic.. New Jersey and Florida were the top three states for mortgage-application fraud risk.

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The HECM is FHA's reverse mortgage program that enables you to withdraw a portion. If you are interested in a reverse mortgage, beware of scam artists that .

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