DALLAS – April 9, 2013 – The holidays took a toll on mortgage fraud prosecutions as the Q4-2012 Mortgage Fraud Index sank to its lowest level in nearly five years, according to a study by Mortgage Daily. However, the drop appears temporary.
California saw a big improvement, but the dollar volume in Florida spiked.
The fourth quarter had the fewest number of fraud cases tracked since at least 2007, while the total dollar amount wasn’t as low since the first-quarter 2011. The Mortgage Fraud Index nationally – which includes both the number of fraud cases and their dollar value – was 758 in the fourth quarter for its lowest showing since the first-quarter 2008.
In Florida, the state index of 97 tied California, though the latter dropped from No. 1 the quarter before. Just one quarter earlier, Florida wasn’t even in the top five. The total dollar amount of fraud cases in Florida amounted to $246,873,472.
But the decline in activity appears only to be temporary, according to Mortgage Daily Founder and Publisher Sam Garcia. “Preliminary data indicates that mortgage fraud case activity during the first quarter of this year was up around 25 percent from the fourth quarter,” he says.
While other fraud risk measurement reports, focus on fraud that might have happened or could happen, the Mortgage Fraud Index reflects proven cases of fraud.
Other states in the top five for mortgage fraud in the fourth quarter of 2012 include No. 3 Texas (index of 63), New York (43) and Arizona (43).
© 2013 Florida Realtors®
California saw a big improvement, but the dollar volume in Florida spiked.
The fourth quarter had the fewest number of fraud cases tracked since at least 2007, while the total dollar amount wasn’t as low since the first-quarter 2011. The Mortgage Fraud Index nationally – which includes both the number of fraud cases and their dollar value – was 758 in the fourth quarter for its lowest showing since the first-quarter 2008.
In Florida, the state index of 97 tied California, though the latter dropped from No. 1 the quarter before. Just one quarter earlier, Florida wasn’t even in the top five. The total dollar amount of fraud cases in Florida amounted to $246,873,472.
But the decline in activity appears only to be temporary, according to Mortgage Daily Founder and Publisher Sam Garcia. “Preliminary data indicates that mortgage fraud case activity during the first quarter of this year was up around 25 percent from the fourth quarter,” he says.
While other fraud risk measurement reports, focus on fraud that might have happened or could happen, the Mortgage Fraud Index reflects proven cases of fraud.
Other states in the top five for mortgage fraud in the fourth quarter of 2012 include No. 3 Texas (index of 63), New York (43) and Arizona (43).
© 2013 Florida Realtors®
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