The 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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