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 3^rd 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.”

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

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

Top States by Total Amount

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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More and more lending professionals are buying New York mortgage leads in 2010 because the loan amount average is one of the highest in the country. New York consumers are submitting loan applications in higher than normal level.  Many New York mortgage companies are excited for the business.  Get pre-approved for a home purchase loan or compare refinance rates from national lenders. 

According to a Lead Planet spokesman, “The demand for New York mortgage leads has risen in the last few months because borrowers want to lock into a low rate loan while the Fed has kept mortgage rates at record levels.  According to Freddie Mac, New York mortgage rates averaged 4.875% for a fixed 30-year home loan. New York housing is becoming more affordable for many consumers.”  FHA leads continues to be the most popular lead type because the guidelines are more flexible for credit and equity.

Call 619-600-5720 for a free mortgage marketing evaluation in regards to purchasing New York mortgage leads.

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Internet mortgage leads remain the life-blood of most small to mid-sized mortgage shops.  Exclusive mortgage leads remain a hot commodity with mortgage lenders nationally.  Over the years, the Mortgage Lead Vault has become a trusted mortgage lead company that delivers hundreds of fresh leads daily.  With our proprietary lead generation websites loan applicants are matched with brokers and lenders that are prepared to compete for their mortgage business.  Mortgage lead buyers can create filters for a variety of mortgage leads, such as, conventional leads, FHA leads, home purchase leads and mortgage refinance leads.  We offer cheap mortgage leads for lending companies seeking a discount on vintage mortgage leads.  These companies must also commit to buying leads in bulk to get the discounted leads.  Comparing the leads sold by state, MLV says that California mortgage leads, New York mortgage leads and Texas mortgage leads remain the most sought after states.

Call 619-600-5720 for a Free mortgage lead consultation.

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