Housing
Led by Miami, Mortgage Fraud in Florida Well Above National Level
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According to real estate investment firm CoreLogic, the mortgage fraud rate in Miami is twice the national level. As a matter of fact, among the 15 largest cities based on fraud rate, nine are in Florida.
The firm reported the second-quarter results of its study:
The CoreLogic National Mortgage Application Fraud Risk Index was stable from the first to second quarters of 2016, holding at a value of 113.
To determine its findings:
The CoreLogic Mortgage Application Fraud Risk Index is calculated from the aggregation of individual loan application fraud risk scores during the previous quarter. This national fraud index was originated in Q3 2010 and has a baseline of 100. Score compilations are also calculated for the 100 highest-populated Core Based Statistical Areas (CBSA) in the US, and the 15 CBSAs with the highest Fraud Risk for the most recent quarter are shown in rank order in this report.
The level in Miami was 278, in Lakeland 226, Tampa 213, Jacksonville 198, Daytona 193, Orlando 181, Palm Bay 163, Cape Coral 161 and North Point 152. Florida, along with Nevada, was ground zero when the housing bubble burst. Las Vegas is on the list with a score of 166.
Methodology: The CoreLogic Mortgage Fraud Brief analyzes the collective level of loan-application fraud risk the mortgage industry is experiencing as measured quarterly by the CoreLogic Mortgage Application Fraud Risk Index, which is based on residential mortgage loan applications processed by LoanSafe Fraud Manager from CoreLogic.
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