Mortgage Fraud Reports Jump 42 percent in USMortgagePress.commortgage fraud, MARI, identity theft, identity fraud
Reported incidents of mortgage fraud in the U.S. increased by 42
percent in the first quarter of 2008 from a year ago, according to
a new report released today by the Mortgage Asset Research
Institute (MARI(SM)), a ChoicePoint(R) (NYSE: CPS) company. The
report is based on data submitted by MARI subscribers about loans
that were originated in the first quarter of this year and have
since been classified as fraudulent.
Florida continues to lead all states in mortgage fraud,
according to the "MARI Quarterly Fraud Report" on the current state
of residential mortgage fraud and misrepresentation in the United
States. In fact, Florida accounted for 24 percent of all properties
with material misrepresentation submitted by MARI subscribers for
loans originated during the first quarter of 2008.
California is second in the first quarter 2008 mortgage fraud
rankings, followed by a three-way tie for third place among
Illinois, Maryland and Michigan. For all states, the top fraud
incident type was in "General Application Misrepresentation"
followed closely by misrepresentations related to "Income" and
"Employment." In addition, MARI continues to see multiple fraud
types, such as identity theft and identity fraud, in loan
transactions.
MARI provides valuable industry insight derived from its
Mortgage Industry Data Exchange (MIDEX) database, which contains an
aggregation of reported incidents of fraud and verified
misrepresentations submitted by leading mortgage industry
participants. MARI analyzes this industry data and presents reports
that depict a national composition of residential mortgage fraud
and misrepresentation to support the industry's effort in the fight
against mortgage fraud.
The new MARI Quarterly Fraud Report is intended to provide more
timely information to help the industry in its efforts to reduce or
prevent mortgage fraud. "The mortgage industry is currently in a
volatile state, as many constituents try to protect themselves from
criminals who continue to use these turbulent times as an
opportunity to commit new fraud and inflict additional financial
damage for our nation's lenders," according to the MARI Quarterly
Fraud Report.
The MARI Quarterly Fraud Report is available on MARI's Web
site at http://www.marisolutions.com/resources-news.asp.
