According to a new report, South Florida is the nation’s capital of mortgage fraud. Miami-Dade, Broward and Palm Beach counties have the highest risk of mortgage fraud in the country reveals the property analytics firm, CoreLogic.
Mortgage fraud typically involves hiding information from lenders so borrowers can obtain loans they would not have qualified for otherwise. The report covered the second quarter of 2015.
The number of inexpensive foreclosed homes in South Florida has made the region more vulnerable and a magnet for fraud. Some local scammers have even been prominent members of the community, including former North Miami Mayor Lucie Tondreau, who was sentenced to 65 months in federal prison for her role in an $11 million mortgage fraud scheme.
But according to the report, this activity is on the decline as the foreclosure inventory dwindles down. The risk of mortgage fraud fell by 9 percent year-over-year in South Florida.
The Miami, Tampa, Orlando, Sarasota and Jacksonville markets accounted for five of the six riskiest areas in the country. (The other being New York City.) Nationwide, the value of fraudulent mortgage applications is estimated at $17.3 billion, according to CoreLogic.
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