Skip to main content

California Remains Riddled With Mortgage Fraud Cases
Jun 13, 2013

Interthinx has released its quarterly Mortgage Fraud Risk Report, covering data collected in the first quarter of 2013. With the debut of its new interactive report, Interthinx has made major changes and enhancements to its Mortgage Fraud Risk Index. It is now possible to explore different views of meaningful data simply by clicking on the various elements of the online report. According to the most recent analysis, occupancy fraud risk nationwide increased 15 percent over the previous year.  Other notable findings in the report include the following: California is the riskiest state, with a mortgage fraud risk index of 125. In addition to it being the riskiest state, California contains four of the top ten riskiest ZIP codes and fiveof the top ten riskiest metropolitan statistical areas (MSAs) - including the riskiest,Santa Barbara-Santa Maria-Goleta. Additionally, nine of the top ten riskiest MSAs for employment/income fraud risk are located there. Four of the top ten riskiest ZIP codes in the country - including the riskiest, 60640 - are located in the Chicago-Naperville-Joliet MSA. Purchases have a higher fraud risk than refinances. This is primarily driven by a much higher occupancy fraud risk; the occupancy fraud risk index for purchases is 176 compared with 76 for refinances. "Although occupancy fraud risk is up nationwide, different areas of the country are at risk for different types of fraud risk. With the continuing trend for mortgage fraud to 'head east,' states like Illinois and Ohio have shown increases in property valuation fraud risk," said Ashley Woodworth, Interthinx vice president of business development and corporate strategy. "Our new interactive report enables members of our industry to take different views of meaningful data to make more informed operating decisions." "Clearly, this report illustrates that loan purpose is a pivotal factor in occupancy fraud risk. The higher occupancy fraud risk in purchases will become increasingly significant as the mortgage market changes in the coming months from a refinance-dominated market to a purchase-dominated market. This kind of deeper-dive analysis is what makes our report valuable and helps our clients shape internal initiatives to mitigate risk," added Jeff Moyer, president of Interthinx. The Mortgage Fraud Risk Report is an Interthinx information offering created by an internal team of fraud experts. This is the sixteenth time Interthinx has released its quarterly report. The report provides deeper insight into current fraud trends through the analysis of more than 12 million loan applications amassed from the industry's use of the Interthinx FraudGUARD loan-level fraud detection tool.
Jun 13, 2013
Rocket Pro TPO Takes the Lead With Early Loan Limit Increase

EVP Mike Fawaz underscores the move's competitive edge, marking the firm's second consecutive year ahead of FHFA's anticipated adjustments.

Oct 02, 2023
Congress Passes Legislation To Extend National Flood Insurance Amid Shutdown Concerns

The move ensures continued flood insurance coverage, essential for many homeowners in high-risk flood areas, during peak hurricane season.

Oct 01, 2023
Equity Prime Mortgage Launches To Recruit Loan Officers

EPM aims to transform 4,000 retail loan officers into loan originators, emphasizing the growing benefits of the wholesale sector in the housing market.

Oct 01, 2023
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023