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St. Louis Real Estate Search

 

Mortgage Fraud Index Falls to Lowest Level in almost 3 Years

Dennis Norman St LouisThe Mortgage Fraud Index from MortgageDaily.com has fallen 69 percent over the past year to the lowest level since early 2008. For the fourth quarter of 2010 the Mortgage Fraud Index was 814, which is down from 2634 the year before and is the lowest level the index has been at since the first quarter of 2008 when it was 713.

Source: MortgageDaily.com

“The decline in the Mortgage Fraud Index itself, as well as a drop in the number of cases and lower dollar volume, followed the Department of Justice’s launch of Operation Broken Trust,” Mortgage Daily Founder and Publisher Sam Garcia said. “The activity suggests that some resources might have been diverted from prosecution of real estate crimes.”

California moved from No. 2 in the previous report to No. 1 — trading positions with Florida. New York maintained its top-three standing. Virginia, which did not rank in the top five during the third-quarter, ranked at least fifth in both categories this time around. The state’s dollar volume more than tripled from the prior quarter.

Period** Index Level* Dollar Amount of loans # Cases Tracked
Q4 2010 814 $867,318,214 126
Q3 2010 1007 $1,850,531,120 151
Q2 2010 1699 $2,248,657,052 266
Q1 2010 1144 1,920,057,275 172
2009 Adjusted Total 1677 $5,314,351,898 na
Q4 2009 2634 $1,922,002,499 197
Q3 2009 1322 $1,539,023,005 211
Q2 2009 1323 $1,609,569,347 195
Q1 2009 1427 $1,528,763,071 152
2008 Adjusted Total 1488 $5,375,718,679 na
Q4 2008 2790 $2,682,060,476 147
Q3 2008 1220 $1,084,579,856 129
Q2 2008 1230 $1,666,146,000 156
Q1 2008 713 $1,005,318,015 130
2007 Adjusted Total 607 $4,004,127,260 na
Q4 2007 600 $708,365,613 na
Q3 2007 727 $1,152,912,369 na
Q2 2007 590 $794,589,941 na
Q1 2007 510 $1,822,922,774 na
2006 Adjusted Total 504 $1,593,572,894 na
Q4 2006 573 $996,568,011 na
Q3 2006 600 $741,777,051 na
Q2 2006 417 $337,220,659 na
Q1 2006 427 $594,605,000 na

(Source: MortgageDaily.com)

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