PRESS RELEASE Mortgage Fraud Index Rises, But Still Low | |||||||||||||||||||||||||||||
DALLAS — (June 17, 2013) /PRNewswire/Â Federal, state and local prosecutors picked up the quarterly pace of activity in mortgage fraud cases — though actions were still low based on standards established since the financial crisis.
At 880, the Mortgage Fraud Index for the first quarter increased 16% from the fourth quarter. The index reflects prosecution activity in cases where defendants are accused of deceiving mortgage lenders. The index has tumbled by nearly a quarter from the same period during 2012. In addition, since the second-quarter 2008, the Mortgage Fraud Index has only been lower two times. Activity was tracked on 125 mortgage fraud cases, climbing 19% from the previous period but retreating 27% from the first-quarter 2012. The dollar amount of home loans involved in first-quarter activity was $1.4 billion, rising from the final three months of last year. Dollar volume has declined, however, from the first three months of last year.
A preliminary review of second-quarter data indicates that the Mortgage Fraud Index is likely to hold at first-quarter levels. The highest state index was in California: 107. The Golden State moved up from the second spot in the prior period. Florida’s index slipped to No. 2 from No. 1. The cumulative total for all state indices equals the national index.
California, which regularly ranks among the top few in the dollar category, landed the No. 2 position, followed by Florida. |
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Full First-Quarter 2013 Mortgage Fraud Index report: Mortgage Fraud News: About Mortgage Daily CONTACT: Source: Mortgage Daily |