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Since the subprime mortgage crisis eroded to the worst housing depreciation since the Great Depression, finance analysts and Wall Street executives are taking mortgage fraud a lot more seriously. Activity climbed on mortgage fraud cases being prosecuted in California, leaving the state with more fraud than any other. California lenders extended the lowest rates ever recorded, but the percentage of homeowners with underwater mortgages has still grown dramtically. New York lenders also reported an increase in mortgage fraud. While Florida lenders topped the mortgage fraud index list. But as a whole, the nation’s case activity of mortgage fraud incidents was actually decreasing. Many of the politicians have pointed towards the Dodd-Frank financial reform bill that was passed in 2009, but most of the policies of this bill have not been implemented because of the difficulty of its framework. Still MLV reported a sharp spike in California mortgage leads last quarter.

According to the Sacramento Bee, the 3rd Quarter 2011 Mortgage Fraud Index from MortgageDaily.com came in at 1170. The index represents activity on civil and criminal cases. Victim lenders were deceived by fraudulent documentation or inflated appraisals. Cases were tracked from the mortgage fraud blog FraudBlogger.com. According to Mortgage Daily founder Sam Garcia, “The Mortgage Fraud Index reflects current efforts by law enforcement officials to prosecute defendants who typically committed mortgage fraud three to five years ago.”

Period Amount # Cases
Q3 2011 $1,333.189,232

175

Q2 2011 $1,587,573,586

194

Q3 2010 $1,850,531,120

151

The number of cases with activity in Florida climbed, giving it the worst state fraud index. California had the second-highest index, followed by Minnesota.

Top States by Index

ST

Index

FL

170

CA

153

MN

70

NY

63

TX

60

Based solely on the dollar amount of cases with 3rd quarter activity, California’s $204 million was highest. MLV reported an increase in New York mortgage leads in 3rd quarter as well.

Top States by Total Amount

ST Amount
CA $204,273,490
NY $199,600,000
FL $144,320,669
SC $108,978,654
MN $76,400,000

What does this mean for lenders? If mortgage fraud decreases then likely banks will losen their home loan guidelines which could help increase loan origination. It also means that lenders and brokers should be investing in mortgage leads from a trusted source.  Read more: Mortgage Reform Article Published by the Sacramento Bee

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Most banklers and loan officers will won’t be shy about telling you that working California mortgage leads is more challenging then it has been it past years.  Nationwide reported that San Diego mortgage rates were lower for VA and FHA loans.  The Lead Planet, a San Diego based mortgage lead generation company indicated last week that the volume for California mortgage leads was up 20% in July.  The mortgage lead generator also reported that California mortgage refinance leads were up nearly 13% from the previous month and that California purchase leads were up over 8% from the previous month totals.  Over the last ten years, California refinance leads have been the most popular lead requested by loan companies in all 50 states.  by Many brokers have been resistant to work with California purchase leads in the past, but mortgage refinance leads are so difficult to qualify for that lending companies are becoming much more open minded to work with new home buyers. 

The Mortgage Lead Vault offers a wide variety of loan leads in all 50 states.  Presently our inventory of California mortgage leads is the highest in the nation.  We also have a high volume of Virginia, Florida and Texas mortgage leads.  Loan companies can select from same-day, live mortgage leads.  We also offer aged mortgage leads and loan modification leads for companies looking for a fresh mortgage marketing strategy. 

 Choose the following California Mortgage Lead Filters  California Refinance Leads Purchase Leads in California

 California Jumbo Leads

 FHA Leads in California

 California VA Leads

 California Loan Mod Leads

 

 

Mortgage lenders and brokers have had a difficult time working California leads because so many homeowners are under-water.  Top loan originator Beau Hollingsworth who works for iServe Lending, a direct mortgage lender who is headquarters reside in San Diego California, said, “I have been originating home loans in California for over a decade now and I have never seen so many good borrowers under-water with their mortgage.”  Hollingsworth continued, “We have access to government programs like the Home Affordable Refinance Program, but so many homeowners do not meet all of Fannie Mae or Freddie Mac’s guidelines.”  The experienced mortgage executive said that she likes working with California mortgage leads, because she really feels for the West Coast borrowers and she well-versed on the state real estate laws, in addition to the licensing she has obtained. 

Rumor has it that HUD is rolling out the FHA short refinance program nationally and this may really help loan companies originating in California because so many loan applicants are coming up short on home value that is preventing them from qualifying for traditional home refinance programs.