Magazine article Mortgage Banking

The Fraud File

Magazine article Mortgage Banking

The Fraud File

Article excerpt

By Interthinx's[TM]

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

Rank  Metropolitan Statistical Area (MSA)    Mortgage     %        %
           (ranked by highest risk)           Fraud     Change   Change
                                               Risk     Since    Since
                                            Index, Q3  Q3 2009  Q2 2010

 1    Las Vegas-Paradise, NV                   273       3.9%     8.5%

 2    Riverside-San Bernardino-Ontario, CA     267     -14.6%     2.5%

 3    Vallejo-Fairfield, CA                    259      -4.2%    -5.3%

 4    Modesto, CA                              258      -9.0%    -9.6%

 5    Stockton, CA                             246     -24.5%   -11.5%

 6    Cape Coral-Fort Myers, FL                245      -9.6%    -7.9%

 7    Fresno, CA                               241      -8.5%    -1.7%

 8    Reno-Sparks, NV                          238       1.1%    13.6%

 9    Detroit-Warren-Livonia, Ml               234      34.7%    11.1%

 10   Phoenix-Mesa-Scottsdale, AZ              231      -6.5%   -10.9%

      United States                            144      -1.4%    -0.9%

The national Mortgage Fraud Risk Index decreased by 0.9 percent from
the previous quarter and decreased by 14 percent from the same quarter
a year ago to 144.

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

Rank  ZIP Code       City/State       Mortgage Fraud Risk Index Q3 2010

  1     60621   Chicago, IL                           482

  2     93635   Los Banos, CA                         468

  3     48310   Sterling Heights, MI                  453

  4     95348   Merced, CA                            427

  5     92394   Victorville, CA                       412

  6     92376   Rialto, CA                            403

  7     02151   Revere, MA                            396

  7     92509   Riverside, CA                         396

  8     20721   Bowie, MD                             389

  9     91768   Pomona, CA                            384

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 lenders and investors. … 
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