Study: Mortgage fraud continues to rise
April 27, 2010 - Although the economy has begun to show signs of recovery, recent research suggests that the real estate market is still plagued by the aftermath of the recession.
A new study from the LexisNexis Mortgage Research Institute revealed that reported incidents of mortgage fraud increased by 7 percent between 2008 and 2009. While this increase is considerably lower than the 26 percent growth during the preceding year, industry experts are still concerned that reports of this type of fraud are still on the rise.
Florida showed the greatest amount of mortgage fraud during the survey period, followed by New York, California, Arizona, Michigan, Maryland, New Jersey, Georgia, Illinois and Virginia.
The researchers say that although their findings may be troubling to prospective homebuyers, they are indicative of better reporting and policing in the real estate industry.
"It remains critical for those in the mortgage industry to reassess their processes, work together by sharing information and reporting incidents of fraudulent activity, and ready themselves for more complex schemes in order to continue the fight against mortgage fraud," said Denise James, co-author of the report.
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