Magazine article Mortgage Banking

The Fraud File

Magazine article Mortgage Banking

The Fraud File

Article excerpt

By Interthinx[TM]

MORTGAGE FRAUD RISK INDEX FOR FOURTH-QUARTER 2011--TOP 10 MSAs

Rank  Metropolitan Statistical   Mortgage     %       %
        Area (MSA) (ranked by      Fraud    Change  Change
            highest risk)          Risk     Since   Since
                                 Index, Q4    Q4      Q3
                                   2011      2010    2011

1     Stockton, CA                     293   16.7%   -3.2%
2     Modesto, CA                      284    7.0%   -5.0%
3     Phoenix-Mesa-Scottsdale,         280   18.5%    4.4%
      AZ
4     Bakersfield, CA                  272   17.4%   -2.1%
5     Cape Coral-Fort Myers,           271   12.1%   15.9%
      FL
6     Las Vegas-Paradise, NV           267   -7.5%   -2.8%
7     Vatlejo-Fairfield, CA            265   -1.7%    4.6%
8     Miami-Fort                       255   15.3%    5.0%
      Lauderdale-Pompano Beach,
      FL
9     Riverside-San                    247   -1.6%   -4.8%
      Bernardino-Ontario, CA
10    Salinas, CA                      245   -6.3%    6.8%
      United States                    145    3.6%    1.4%

The national Mortgage Fraud Risk Index increased 14 percent
from the last quarter and 3.6 percent from a year ago, to reach
a value of 145. This represents the upper end of the narrow band
(140-145) within which the index has trended over the last seven
quarters.

ZIP CODES WITH THE HIGHEST FRAUD RISK IN FOURTH-QUARTER 2011

Rank  ZIP Code      City/State       Mortgage Fraud Risk index
                                                Q4 2011

1     33993     Cape Coral, FL                             552
2     93905     Salinas, CA                                509
3     95660     North Highlands, CA                        505
4     48322     West Bloomfield, Ml                        487
5     93901     Salinas, CA                                475
5     90502     Torrance, CA                               470
7     89145     Las Vegas, NV                              459
8     85302     Glendale, AZ                               433
9     06708     Waterbury, CT                              432
10    06525     Woodbridge, CT                             431

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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