April 26, 2010|By Diane C. Lade, Sun Sentinel
Florida already afresh was rated the top accompaniment for mortgage fraud, according to a address appear Monday by the LexisNexis Mortgage Asset Research Institute.
Florida additionally captivated the anniversary report’s top atom in 2006 and 2007, but was replaced in 2008 by Rhode Island. New York was in additional abode abaft Florida in 2009, followed by California.
The Miami-Fort Lauderdale arena ranked fourth amid the city areas studied, convention advisers found, accounting for 4 percent of all mortgage artifice appear nationwide. The New York-New Jersey- Long Island breadth was first, followed by Los Angeles-Riverside and the tri-state Chicago-Gary-Kenosha region.
The address looked at incidents of declared artifice and bribery appear by lenders, agencies and insurers to the Mortgage Industry Data Exchange, or MIDEX. Advisers additionally yzed 67,190 apprehensive mortgage action letters submitted aftermost year to the U.S. Treasury Department’s banking crimes division.
The LexisNexis rankings appear through a blueprint that balances appear artifice incidents with the cardinal of loans originated for backdrop in that state. Florida had about three times the cardinal of artifice or bribery letters as what would be advised accustomed for the cardinal of loans.
Analysts were decidedly anxious about skyrocketing incidents of appraisement artifice nationwide, with Florida accepting the accomplished ante of this action in the country. The best accepted convenance was inflating, architecture or afield advertisement comparables, apparent in 36 percent of loans civic flagged for fraud.
Darius Bozorgi, CEO of Veros Real Estate Solutions, which assisted in accumulation the report, abhorrent the poor apartment market. “Florida is the No. 1 accompaniment for depreciating home prices. So it’s absolutely no abruptness that Florida is the No. 1 accompaniment for fraud,” he said.
This year may abide austere for Florida. The Veros VeroFORECAST report, which projects bazaar trends over the aing 12 to 18 months, afresh listed the bristles advancing weakest markets nationwide. All were in Florida, although none in South Florida, with the Daytona Beach breadth the aboriginal with a projected 10 percent bead in values.
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