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Florida still mortgage fraud capital of the country

A recent improvement in the housing market aside, Florida has easily retained its title as mortgage fraud capital of the country.

Florida has been holding on to the unwanted crown since 2007, and last year it only strengthened its hold, according to an annual report from LexisNexis' released Wednesday. The analysis showed Florida had a mortgage fraud index of 766, which is over seven times the expected rate of fraud investigations for the state based on the number of new mortgages.

Its fraud index was more than twice as high as No. 2 Nevada and more than three times higher than No. 3 Arizona.

The index represents investigations into loan fraud and misrepresentations over the past five years.

Miami-Fort Lauderdale ranked third among all major metros, accounting for 7 percent of all mortgage fraud reports nationwide.

Florida came in third for fraud investigations based solely on mortgages that originated last year, down from second in 2010 and first in years prior.

Florida still mortgage fraud capital of the country 07/11/12 [Last modified: Wednesday, July 11, 2012 5:20pm]
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