Magazine article Mortgage Banking

Property Valuation Fraud Risk Index for January 2014-TOP 5 MSAs

Magazine article Mortgage Banking

Property Valuation Fraud Risk Index for January 2014-TOP 5 MSAs

Article excerpt

Property Valuation Fraud Risk Index for January 2014-TOP 5 MSAs      Metropolitan Statistical Area (MSA)   Property    %        %                                           Valuation   Change   Change                                           Fraud       Since    Since                                           Risk        Jan.     Dec.                                           Index,      2013     2013                                           Jan. 2014  1   SACRAMENTO-ARDEN-ARCADE-ROSEVILLE,       192    50.0%     19.3%     CA  2   MINNEAPOLIS-ST. PAUL-BLOOMINGTON,        190    13.8%     14.5%     MN-WI  3   SAN JOSE-SUNNYVALE-SANTA CLARA, CA       187   107.8%      5.1%  4   SAN FRANCISCO-OAKLAND-FREMONT, CA        173    54.5%    -12.2%  5   PHILADELPHIA-CAMDEN-WILMINGTON,          164    21.5%    -13.2%     PA-NJ-DE-MD      UNITED STATES                            105    -4.5%     -2.8%  The Property Valuation Fraud Risk Index is 105 for January-down 3 percent from December and down 5 percent from a year ago. Sacramento-Arden-Arcade-Roseville, California, which was the riskiest MSA overall, also has the highest property valuation fraud risk in January. 

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. The Interthinx Fraud Risk Indexes consist of the Property Valuation Fraud Risk Index; the Identity Fraud Risk Index; the Occupancy Fraud Risk Index; the Employment/Income Fraud Risk Index; and the Overall Mortgage Fraud Risk Index, which is calculated as the average of the four type-specific indexes. …

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