Mortgage Fraud: California, New York Rank Highest, Report Says
By Kerri Panchuk
Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.
That's according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation.
California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance.
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