FlintTalk.com Forum Index > Political Talk Topic: A New Mortgage Fraud Issue Looming in Flint?

Author    Post   untanglingwebs El Supremo Flint's increase in fraudulent loan applications is highest in nation, study says By Jeremy Allen | jallen42@mlive.com on January 26, 2013 at 11:20 AM, updated January 26, 2013 at 11:21 AM FLINT, MI – Fraudulent loan applications increased more in the city of Flint than in any other city nationwide from June 2012 to Oct. 2012, according to information released by Kroll Factual Data, a Loveland, Colo.-based lender verification service. Flint saw a 50.3 percent increase in fraudulent loan applications to banks, mortgage lenders and credit unions from one quarter to the next. The second-biggest increase, from residents of Columbia, Mo., was a 29.8 percent jump. “While fraud alerts declined in some metropolitan statistical areas these declines were offset by significant increases in others,” said Rod Bazzani, president of Kroll Factual Data. “This spike in potential fraud is troubling, coming at the same time the mortgage industry is beginning to turn the corner. More importantly, the fact that red flags are rising in every area of the country highlights the continued need for lenders to remain vigilant against fraud.” The announcement comes just two weeks after the federal Consumer Financial Protection Bureau issued new regulations for borrowers, which include verifying financial records to ensure their ability to repay mortgages. Kroll examined all some metropolitan statistical areas with at least 1,000 applications per quarter and, using its proprietary risk analysis and verification engines, isolated the files that contain indicators of mortgage origination fraud. Nationally, fraudulent loan applications increased just 1.1 percent. The following metropolitan statistical areas comprised the top 10 for increases in fraud from the second quarter of 2012 to the third quarter of 2012: 1. Flint, Mich. 50.32% 2. Columbia, Mo. 29.77% 3. Lancaster, Pa. 28.83% 4. Tacoma, Wash. 25.68% 5. Santa Fe, N.M. 24.24% 6. Des Moines, Iowa 23.95% 7. Omaha, Neb.-Iowa 22.43% 8. Fort Worth, Texas 20.41% 9. Providence-Fall River-Warwick, R.I.-Mass. 18.04% 10. Appleton-Oshkosh-Neenah, Wis. 17.10% Sat Jan 26, 2013 3:52 pm    Display posts from previous:   All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First

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