CoreLogic, a data firm that provides insight for real estate and financial institutions, released a new report showing which markets and metros are at the highest risk for mortgage fraud. Miami and surrounding Florida metros dominate the top ranks, followed by New York metros. The report, "Mortgage Fraud Brief," outlines the first quarter of 2016. With quarter-over-quarter analysis, the brief reveals which markets are at the highest risk of mortgage application fraud. For the study, CoreLogic examined several factors that play into the forecast. First, the report estimates the number of possible fraudulent mortgage applications by "applying the rate of applications in the CoreLogic Mortgage Fraud Consortium data with high risk of fraud to the estimated loan application volume in each quarter and geography," according to its website. It then takes this data and bases it against the CoreLogic LoanSafe Manager score. The report highlights the strongest factors in mortgage...
- Miami-Fort Lauderdale-West Palm Beach ranks no. 1 for highest risk of mortgage fraud.
- New York-Newark-Jersey City rank no. 4 for mortgage fraud risk.
- Lakeland-Winter Haven, Florida saw a 22 percent increase in mortgage fraud risk quarter-over-quarter.