Mortgage fraud is growing at an alarming rate according to credit verification provider Kroll Factual Data.
It's particularly bad news considering increased compliance from the Consumer Financial Protection Bureau from the qualified mortgage regulation this month.
Kroll notes the potential for mortgage fraud is increased more than 10% nationally — the third consecutive quarter of increases.
These ten markets are definitely in much better shape, mortgage fraud wise, than the national average and especially the list of places where mortgage fraud is likely to increase the most.
Using its proprietary risk analysis and verification engines, Kroll Factual Data isolated certain files that may contain indicators of potential mortgage origination fraud and examined at least 1,000 loan applications for each market.
They found mortgage fraud is declining the most in these 10 markets, ranked in order of lowest to highest:
10: Albuquerque, NM (6.87% decrease)
9: Davenport-Moline-Rock Island (6.92%)
8: Las Vegas (7%)
7: Lowell, MA (7.72%)
6: Middlesex-Somerset, NJ (8.06%)
5: Bloomington, IL (9.72%)
4: Greenville, SC (18.65%)
3: Peoria, IL (19.41%)
2: Wichita, KS (26.83%)
1: Phoenix, AZ (30.14%)
