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Tag Archives: Interthinx

Riskiest Places for Mortgage Fraud: Interthinx

After remaining steady in the first quarter of the year, the Interthinx Mortgage Fraud Risk Index rose again in the second quarter, climbing about 7 percent over the three-month period. Nevada and Arizona are the riskiest two states, followed by Florida, New Jersey, and Georgia, which made its way to the top five list for the first time since Interthinx began tracking mortgage fraud in 2009. Georgia took the place of California, which has been on the top five list since the inception of the index, according to Interthinx.

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Interthinx Hires Two VPs

Interthinx announced the addition of two executives to its team. Jim Portner has joined Interthinx as VP of product for origination solutions, and Nick Volpe was selected to lead as VP of capital markets and servicing.

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Mortgage Fraud Risk Index Drops to Lowest Level Since 2009

The number of ""very high risk"" metropolitan statistical areas (MSAs) fell along with the national risk index, dropping from 67 to 62. Florida and California together house more than half of the nation's ""very high risk"" metros, with Florida being home to half of the top ten riskiest ZIP codes in the United States. Florida was also named third riskiest state, though California actually saw its own risk index decline from 192 last quarter to 173 this quarter and experienced declines in type-specific risk across nearly all categories.

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Interthinx Launches Compliancy Podcast

The podcast, titled From the Bar: Inside Compliance with Roger Fendelman, will focus on the industry's toughest compliance issues. The program is meant to explain rulemaking by the new Consumer Financial Protection Bureau and to answer concerns that lenders have had.

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Interthinx Incorporates Google’s Satellite Images to FraudGUARD

After finding that property valuation mortgage fraud risk has risen since 2006, Interthinx responded to its own research by incorporating satellite images from Google Maps as a solution.Interthinx stated that the inclusion of satellite image data within the company's FraudGUARD can improve loan quality, provides users with a more comprehensive fraud prevention report, and enables a more concise overall risk review.

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Property Valuation Fraud Rises Following Decline

The risk for property valuation fraud rose nearly 8 percent for this fourth quarter, according to the Mortgage Fraud Risk Report released by Interthinkx. This rise caused certain regions of the New York Tri-State region to move into the high risk category. The national mortgage fraud risk index also increased by 1.4 percent compared to the last quarter and 3.6 percent since a year ago. With an index value of 247, Arizona overtook Nevada as the riskiest state. Nevada, now at number two, ranked first in this category since the first quarter of 2010.

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Employment and Income Fraud on the Rise

While incidences of mortgage fraud have remained steady over the past six quarters overall, submissions of fraudulent employment/income information are on the rise, according to the latest Mortgage Fraud Risk Index by Interthinx. Employment/income fraud on mortgage applications increased 8.8 percent during the third quarter of 2011. The sharp turns in this category of fraud throughout the past few years reveal certain market occurrences.

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National Mortgage Fraud Remains Relatively Steady, Shifts Regionally

On a national level, mortgage fraud risk has declined 2.3 percent over the year but has remained relatively steady for the last five quarters, according to Interthinx's second-quarter risk report. Three states where the risk of mortgage fraud remains highest are Nevada, Arizona, and California. Separately, the FBI released its own report, citing short sale fraud as a growing problem. The FBI says industry insiders and organized crime groups from overseas are the most common perpetrators of mortgage fraud.

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