New York, New Jersey and Florida remain the top three states for the risk of mortgage fraud as fraud on mortgage applications ticks up nationally.
One in 109 applications contained fraud in the second quarter of this year compared to one in 122 in the same period a year earlier, according to the financial services company CoreLogic.
Among the top 25 metro areas, the Tampa Bay area ranked eighth in the risk of application fraud. That type of fraud is increasing as the lending market shifts from refinancings to purchase loans. Borrowers wanting to buy a home "have stronger motivations to commit fraud'' than those planning to refinance an existing one, CoreLogic says.