Florida among top states for mortgage fraud

In fact, according to a recent study by CoreLogic, Florida is one of the nation’s leaders in mortgage fraud. According to the study, Florida ranked fifth in the nation overall for instances of mortgage fraud with an estimated $273 million in mortgage applications that were fraudulent.

Consumer debt in Florida, including mortgages and credit cards, has reached record. These seven Florida cities were ranked in the top 20 for fraud complaints:.

Seventeen Individuals Indicted for mortgage fraud scheme. The defendants conspired to fraudulently obtain mortgage loans for unqualified buyers of units in two condominium projects on the west coast of Florida: Portofino at Largo, also known as Indian Palms, in Largo, Florida; and Bayshore Landing, in Tampa, Florida.

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The other states that make the Top 10 on both lists are: Florida, Illinois, Nevada and Ohio. On the list of Mortgage Fraud Index by State (all forensic investigations), Georgia is ranked No. 9.

In addition, the Federal Trade Commission (FTC) recorded 332,646 identity theft complaints in 2014, up slightly from 2013. All forms of fraud. these states. For example, the average mortgage debts.

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Within florida state law, real estate and mortgage fraud are governed by Statute 817.545. Under this law, a person has committed mortgage fraud if they act knowingly and intend to defraud while: Materially misrepresenting facts in order to obtain a loan

If a homeowner believes he or she has been taken advantage of by a disreputable company, he or she should call the Florida Attorney General’s fraud hotline at 1-866-9-NO-SCAM or file a complaint online at myfloridalegal.com.

 · Overall, Nevada had the second-highest rate of mortgage fraud last year, according to LexisNexis. The company gave Nevada a mortgage fraud index tally of 221, meaning its rate of fraud was more than twice the expected rate, based on loan-origination volume. Nevada has held the No. 2.

(1) For the purposes of the section, the term "mortgage lending process" means the process through which a person seeks or obtains a residential mortgage loan, including, but not limited to, the solicitation, application or origination, negotiation of terms, third-party provider services, underwriting, signing and closing, and funding of the loan.