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A North Miami Beach resident is heading to federal prison for leading a $3.5 million mortgage fraud scheme in South Florida, the mortgage fraud capital of America.Shayeh Dov was sentenced to o
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This is also Rhode Island’s first appearance on the mari report top-ten list, indicating a problematic and overlooked mortgage fraud problem in the state. Florida, ranked first in 2007 and 2006, dropped to second place and is followed by Illinois, Georgia, Maryland, New York, Michigan, California, Missouri and Colorado.
As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud.  Mortgage fraud is not to be confused with predatory mortgage lending , which occurs when a consumer is misled or deceived by agents of the lender.
Mortgage fraud is a serious offense and can lead to prosecution and jail time for convicted offenders. Under U.S. federal and state laws, mortgage fraud can result in up to 30 years in federal prison, and up to $1 million in fines. The Growth of Mortgage Fraud. Mortgage fraud is a growing problem.
Top Ten States 1. California 2. Florida 3. New York 4. Illinois 5. Texas 6. Georgia 7. New Jersey 8. Pennsylvania 9. Maryland 10. Arizona 2018 8% 22% 8% 5% 21% 16% 24% 4% 2019 YTD Q2 7% 19% 10% 3% 17% closed fraud tips with findings 2018 vs. 2019 YTD (Q2) Percentage of Mortgage Fraud Investigative Findings by Region
Providing false or incorrect information on a loan application is mortgage fraud. According to the FBI, mortgage loan fraud is one of the fastest growing forms of white collar crime in the United States. While mortgage fraud comes in a number of different forms, some types are more commonplace than others. Income Fraud – One of the most.
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· Misrepresenting income to buy a home was the most common mortgage fraud, according to CoreLogic.. The states with the highest number of.
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Mortgage Fraud Intentional misrepresentations to a lender for the purpose of obtaining a loan from a lender that would not otherwise be made. The lender is the victim in most cases.
· In a recent report, the Mortgage Asset Research Institute listed the nation’s "top five mortgage fraud states" for the first three months of 2008. As shown in Table 1.