Reported incidents of subscriber-verified mortgage fraud and misrepresentation by professionals in the mortgage industry decreased 41 percent in 2010 compared with 2009, according to a new report by the LexisNexis Mortgage Asset Research Institute. This is the first time in several years there was a reported decrease in mortgage fraud. California ranked number three for reported mortgage fraud and misrepresentation based on the Mortgage Asset Research Institute Fraud Index.
“The data suggests that in 2010 there was a decrease in the number of verified incidents of fraud reported to the LexisNexis Mortgage Asset Research Institute. While this is a noticeable decrease, we believe it can be attributed to a variety of factors, including the post-economic crisis mortgage fraud landscape,” said Jennifer Butts, LexisNexis Mortgage Asset Research Institute manager of Data Processing and co-author of the report. “We are seeing the convergence of several factors, including decreasing loan origination volumes and fewer resources available to investigate and report incidents of fraud as discovered.”
Source: LexisNexis Mortgage Asset Research Institute
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