Magazine article Mortgage Banking

The Fraud File

Magazine article Mortgage Banking

The Fraud File

Article excerpt

By Interthix[TM]

MORTGAGE FRAUD RISK INDEX FOR FIRST-QUARTER 2012--TOP 10 MSAs

Rank Metropolitan            Mortagage  %       %
Statistical Area (MSA)       Fraud      Change  Change
(ranked by highest           Risk       Since   Since
risk)                        idex, Q1   Q1      Q4

                               2012    2011    2011

1 Cape Coral-Fort Myers,        248   1.4%    -8.5%
FL

2 Miami-Fort                    241   1.1%    -5.5%
Lauderdale-Pompano
Beach. FL

3 Modesto, CA                   241  -10.7%  -15.3%


4 Chico, CA                     229   37.2%   30.2%

5 Las Vegas Paradise, NV        229  -8.2%   -14.2%

6                               229  -9.7%   -15.9%
Phoenix-Mesa-Scottsdale,
AZ

7 Vallejo-Fairfield, CA         223     15%  -24.2%

8 Stockton, CA                  222  -21.3%  -24.2%

9 Mobile, AL                    220   58.6%   33.8%

10 Fresno, CA                   219    7.0%   -3.6%

United States                   139   -3.2%   -4.4%

Mortgage fraud risk remains highest in those states hardest
hit by the real estate downturn--California, Florida and Nevada.
Las Vegas made the list again this quarter, as did Phoenix--two
MSAs that have shown high levels of fraud for a number of quarters.
New to the list of MSAs this quarter are Chico and Fresno, California.
Bakersfield, Riverside-San Bernardino-Ontario and Salinas, all in
California, dropped off the list.

ZIP CODES WITH THE HIGHEST FRAUD RISK
IN FIRST-QUARTER 2012

Rank  Zip    City/State   Mortgage
      Code                Fraud
                          Risk
                          Index
                           Q1 2012

1     07012  Clifton, NJ       501

2     11434  Jamaica, NY       484

3     33032  Homestead,        458
             FL

4     20747  District          455
             Heights, MD

5     33971  Lehigh            451
             Acres, FL

6     35810  Huntsville,       442
             AL

7     33634  Tampa, FL         437

8     33056  Lake              432
             Lucerne, FL

9     32822  Orlando, FL       429

10    89104  Las Vegas,        429
             NV

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. … 
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