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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.

Q1 Mortgage Fraud Index Up 44%

First-quarter Mortgage Fraud Index 990

May 16, 2011

By staff

The first three months of this year brought a 44 percent increase in the dollar volume of mortgage fraud case activity, according to the First-Quarter 2011 Mortgage Fraud Index from The report, which is being announced from the floor of the Global Technology Summit 2011, indicated that prosecution of mortgage fraud occurs around four years after the crime.

The Mortgage Fraud Index climbed to 990 from the fourth quarter's 814. The index, which is based on mortgage fraud case activity tracked at the mortgage fraud blog, was lower than 1144 in the first-quarter 2010.

The cases covered by the index represented fraud on an estimated $1.2 billion in real estate loans, rising from $0.9 billion in the final period of last year.

Index by Quarter
Period Index Amount # Cases
Q1 2011 990 $1,247,615,165 150
Q4 2010 814 $867,318,214 126
Q1 2010 1144 1,920,057,275 172

"We're seeing signs that repurchases are responsible for some of the latest increase," said Founder and Publisher Sam Garcia. "Smaller firms that are forced to buy back loans from housing agencies or correspondent lenders are doing their own investigations and uncovering more fraudulent activity."

Mr. Garcia is moderating a mortgage fraud panel Monday at the GTS 2011 being held at the Hard Rock Hotel and Casino.

Florida had the highest index: 130. California and New York followed.

Top States by Index
Florida 130
California 103
New York 60
Ohio 53
Pennsylvania 50

With nearly $0.3 billion in mortgages associated with first-quarter case activity in California, the Golden State had the highest dollar amount. Florida was No. 2.

Top States by Amount
California $273,240,500
Florida $156,654,009
Illinois $132,867,750
Virginia $125,400,000
Texas $64,200,000

"The average quarterly index peaked in 2009 at 1676, while loan delinquency also topped out that year," Mr. Garcia stated. "But subprime mortgage production peaked in 2005, suggesting an average lag of around four years from when the actual fraud occurred and when the criminal case is prosecuted."
Measure 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Fraud Index (quarterly average) 900 1141 1676 1488 607 504 na na na na na na
Originations (trillions)
Subprime Originations (billions) na na na na $179 $600 $625 $530 $310 $185 $120 na
30-day Delinquency Excluding foreclosures
7.80% as of Mar. 31
REOs Filed (millions)
as of April 30
0.6 0.4 na na na na na na
Fraud Index:
Originations: Freddie Mac
Subprime Originations: Oppenheimer
Delinquency: Mortgage Bankers Associations
REOs: RealtyTrac,

Mortgage Fraud Index
First-Quarter 2011

Q1 2011
Index Level
Q1 2011
National - Total 990 $1,247,615,165
Alaska 0 $0
Alabama 27 $6,150,043
Arkansas 0 $0
Arizona 33 $60,200,000
California 103 $273,240,500
Colorado 3 $1,000,000
Connecticut 27 $13,628,800
Delaware 0 $0
Florida 130 $156,654,009
Georgia 40 $38,080,871
Hawaii 3 $100,000
Iowa 3 $194,686
Idaho 7 $3,200,000
Illinois 37 $132,867,750
Indiana 23 $24,652,494
Kansas 10 $4,000,000
Kentucky 7 $5,000,000
Louisiana 0 $0
Massachusetts 47 $28,622,000
Maryland 13 $5,698,515
Michigan 13 $6,394,500
Minnesota 27 $24,000,000
Missouri 10 $2,516,000
Mississippi 13 $4,415,674
Montana 0 $0
Nebraska 0 $0
Nevada 23 $10,000,000
New Hampshire 3 $1,480,000
New Jersey 33 $25,306,919
New Mexico 3 $384,119
New York 60 $62,926,947
North Carolina 13 $3,437,429
Ohio 53 $27,831,140
Oklahoma 7 $5,120,769
Oregon 3 $100,000
Pennsylvania 50 $37,092,000
Rhode Island 13 $2,600,000
South Carolina 13 $10,220,000
South Dakota 0 $0
Tennessee 7 $6,000,000
Texas 43 $64,200,000
Utah 7 $2,200,000
Vermont 0 $0
Virginia 43 $125,400,000
Washington 10 $47,000,000
Washington, D.C. 10 $9,700,000
West Virginia 13 $8,000,000
Wisconsin 7 $8,000,000
National - Total 990 $1,247,615,165

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

First-quarter Mortgage Fraud Index 990
First-quarter Mortgage Fraud Index 990
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