Magazine article Mortgage Banking

The Fraud File

Magazine article Mortgage Banking

The Fraud File

Article excerpt

MORTGAGE FRAUD RISK INDEX FOR FIRST-QUARTER 2010--TOP 10 MSAs

Rank  Metropolitan Statistical      Mortgage   % Change  % Change
      Area (MSA) (ranked by        Fraud Risk  Since Q1  Since Q4
      highest risk)                 Index, Q4   2009       2009
                                      2009

1     Modesto, CA                      324      59.1%      6.9%

2     Vallejo-Fairfield, CA            308      89.9%      3.8%

3     Stockton, CA                     292      36.0%     -1.7%

4     Riverside-San                    279      44.5%      1.1%
      Bernardino-Ontario, CA

5     Phoenix-Mesa-Scottsdale, AZ      264      42.0%     14.3%

6     Fresno, CA                       261      44.3%     11.7%

7     Cape Coral-Fort Myers, FL        259      39.5%     -4.6%

8     Las Vegas-Paradise, NV           257      -8.3%     12.2%

9     Port St. Lucre, FL               254      63.9%     32.5%

10    Salinas, CA                      245      28.4%     -8.0%

      United States                    151      10.9%      3.8%

The national Mortgage Fraud Risk Index increased by 4 percent from the
previous quarter and 11 percent from a year ago to 151. This is the
first time since 2004 that this index has exceeded 150.

ZIP CODES WITH THE HIGHEST FRAUD RISK IN FIRST-QUARTER 2010

Rank  ZIP Code    City/State         Mortgage Fraud Risk index
                                               Q1 2010

1     95363     Patterson, CA                    477

2     85242     Queens Creek, AZ                 434

3     85303     Glendale, AZ                     421

4     95660     North Highlands, CA              419

5     30310     Atlanta, GA                      414

6     30315     Atlanta, GA                      407

7     92584     Menifee, CA                      403

8     92344     Hesperia, CA                     402

9     92394     Victorville, CA                  400

10    95307     Ceres, CA                        391

Interthinx's Fraud Risk Indexes are calculated based on the frequency with which indicators of fraudulent activity are detected in mortgage applications processed by the Interthinx FraudGUARD[R] system, a loan-level fraud-detection tool available to tenders and investors. …

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