Top 8 states for mortgage fraud

Mortgage Fraud-Reservation Style Mortgage fraud prevention. fannie Mae is committed to preventing mortgage fraud whether perpetrated by a borrower, a lender, or another person or institution. We offer a variety of resources to help you detect and prevent mortgage fraud. If you have any suggestions or questions, please contact the Mortgage Fraud Program or your Customer Account.

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This is a second mortgage placed on an asset for down payment funds but isn’t disclosed to the original lender on the first mortgage. A borrower without a down payment can commit mortgage fraud by borrowing the down payment from the seller in exchange for giving the seller a silent second mortgage.

What Is 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.

The FBI’s financial institution/mortgage fraud investigations pursue those who endanger the stability of our banking system and the safety of assets and personal information the public has.

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 · Top 10 Fraud Types for 2017 Based on Losses. In Fraud Reporting January 17, 2017 Frank McKenna.. #4 – Mortgage Fraud – $20 Billion (CoreLogic Fraud Index Estimate) Mortgage fraud occurs when borrowers, brokers or appraisers lie about something in the application. The mortgage industry is so spooked by fraud, they don’t even call it that.

But until the effects of the rule can be seen in fruition, here are the 8 states with the most mortgage fraud cases. 8. Michigan (pictured above) Barely squeaking into the top 8 list, Michigan’s.

However, if you can build the same property for $8 million. Arizona State University is American Campus Communities’.

The Mortgage Asset Research Institute, which produces the report, says the Rhode Island is a shocking #1 – as they had never even appeared in the top 10 in previous years.

Mortgage loan. county area at the top of the company’s fraud list, with Tampa, Orlando and Sarasota rounding out the top four. New York City was fifth and Jacksonville was sixth. Florida was.

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