May 11, 2011 by staff
Mortgage Fraud, Nevada has cleaned up its act when it comes to mortgage fraud, according to a new report. For the third consecutive year, Nevada has remained outside the 10 states in mortgage fraud and deceit. The report by the Mortgage Asset Research Institute LexisNexis launches a list of 10, but the exclusion of Nevada is an indication that mortgage fraud has declined in the state and is even lower than it should be based on the volume of loans, said Jennifer Butts, the institute responsible for data processing and co-author of the report.
Butt said that generally a reflection of state regulators, lenders and others are doing a good job of controlling and preventing fraud.
“It seems that regulators and others are doing their job and paying attention,” said Butts.
Despite the improvement in the last two years, Nevada is still No. 2 in the nation in the rate of fraud LexisNexis seen in the cases between 2006 and 2010. Mortgage fraud cases contributed to the rise in real estate values?? In Southern Nevada that ultimately led to its foreclosure rate leading nation and the collapse of prices.
The rate is determined by the reports of mortgage companies, credit institutions, securities firms and insurers.
Florida was ranked No. 1 in cases of fraud loans originated in 2010. It was followed by New York and California.
Florida is also ranked No. 1 on the list accumulated from 2006 to 2010. After Nevada No. 2 ranking is in Arizona, Georgia, Michigan, California, Illinois, Minnesota, Maryland and Virginia.
Nationally, reports of fraud and material misrepresentation fell 41 percent between 2009 and 2010; the first time there has been a decline in several years, Butts said.
The decrease does not necessarily refer to cases of mortgage fraud, which industry sources say are still increasing, Butts said.
The decline, the number of cases reported from 2006 levels, he said. The decrease in reports is believed to be attributed to a decrease in loan origination, fewer resources available to investigate and report incidents and a stronger network that encourages practitioners to report fraud, Butts said.
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