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Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

Mortgage Fraud Index Falls to 11-Quarter Low

Q4 Mortgage Fraud Index 814

April 18, 2011

By staff

The Mortgage Fraud Index from has fallen 69 percent over the past year to the lowest level since early 2008, while the dollar volume of associated loans was off by more than half. But the lull might only be temporary.

The Mortgage Fraud Index was 814 in the fourth-quarter, falling from 2634 a year earlier. The index -- which reflects both the number and dollar volume of cases tracked by the mortgage fraud blog -- reached its lowest point since the first-quarter 2008's 713.

The dollar volume of mortgages tied to the criminal and civil cases dropped to a three-year low of $0.9 billion.

The drop reflected a 36 percent annual contraction in the number of cases that saw activity during the period.

Index by Quarter
Period Index Amount # Cases
Q4 2010 814 $867,318,214 126
Q3 2010 1007 $1,850,531,120 151
Q4 2009 2634 $1,922,002,499 197

"The decline in the Mortgage Fraud Index itself, as well as a drop in the number of cases and lower dollar volume, followed the Department of Justice's launch of Operation Broken Trust," Mortgage Daily Founder and Publisher Sam Garcia said. "The activity suggests that some resources might have been diverted from prosecution of real estate crimes."

California moved from No. 2 in the previous report to No. 1 -- trading positions with Florida. New York maintained its top-three standing.

Top States by Index
California 93
Florida 73
New York 73
Pennsylvania 60
Virginia 60

Virginia, which did not rank in the top five during the third-quarter, ranked at least fifth in both categories this time around. The state's dollar volume more than tripled from the prior quarter.

Top States by Amount
California $205,366,515
New York $122,249,646
Pennsylvania $105,144,929
Virginia $69,675,970
Florida $59,896,409

The volume of case activity has recently risen based on recent entries -- suggesting the upcoming first-quarter 2011 index could increase.

Mortgage Fraud Index
Fourth-Quarter 2010

Q4 2010
Index Level
Q4 2010
National - Total 814 $867,318,214
Alaska 0 $0
Alabama 10 $2,600,000
Arkansas 0 $0
Arizona 13 $6,500,000
California 93 $205,366,515
Colorado 10 $4,400,000
Connecticut 17 $6,780,000
Delaware 0 $0
Florida 73 $59,896,409
Georgia 10 $2,300,000
Hawaii 0 $0
Iowa 7 $2,000,000
Idaho 3 $100,000
Illinois 7 $3,000,000
Indiana 13 $5,802,494
Kansas 17 $8,900,000
Kentucky 0 $0
Louisiana 0 $0
Massachusetts 57 $56,200,000
Maryland 20 $9,999,943
Michigan 0 $0
Minnesota 50 $39,324,130
Missouri 17 $12,044,454
Mississippi 3 $166,828
Montana 0 $0
Nebraska 0 $0
Nevada 0 $0
New Hampshire 0 $0
New Jersey 23 $14,263,800
New Mexico 0 $0
New York 73 $122,249,646
North Carolina 17 $13,000,000
Ohio 57 $31,315,000
Oklahoma 7 $5,120,796
Oregon 3 $100,000
Pennsylvania 60 $105,144,929
Rhode Island 7 $1,700,000
South Carolina 0 $0
South Dakota 0 $0
Tennessee 13 $3,525,000
Texas 27 $27,900,000
Utah 13 $14,042,300
Vermont 0 $0
Virginia 60 $69,675,970
Washington 17 $20,200,000
Washington, D.C. 7 $5,600,000
West Virginia 0 $0
Wisconsin 10 $8,100,000
National - Total 814 $867,318,214

Prior Fraud Index Data

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  • The Mortgage Fraud Index was created by and utilizes mortgage fraud data tracked by

  • The index reflects active criminal and civil mortgage fraud cases.

  • Cases involving larger dollar amounts are given greater value in the index.

  • Excludes foreclosure fraud and investor fraud. However, index does include short-sale fraud.

  • If there were no fraud activity tracked during a given quarter, the index would be zero.

  • A minimum of $100,000 was used for all cases tracked including when no amount was available.

  • The national total index is an aggregate of all state data.

  • When no data was available on the dollar amount involved, estimates were based on available data such as the number of properties involved, losses to lenders or the number of charges filed.

Current and Historical Fraud Index Data

Q4 Mortgage Fraud Index 814
Q4 Mortgage Fraud Index 814
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