The fraud file.Interthinx's Top 10 Hot Spots hot spots
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TOP 10 'HOT SPOTS' FOR SECOND-QUARTER 2009 (For states with more than 2,000 total submissions for the quarter) State Loans with Variances Employment/Income Identity Occupancy NV 46.42% 3.40% 14.62% 4.11% AZ 36.72% 4.64% 8.32% 3.73% CA 35.14% 4.99% 9.44% 3.60% MI 33.83% 5.56% 9.10% 4.94% FL 32.16% 4.64% 7.66% 3.75% CO 32.03% 5.29% 11.71% 4.90% OH 28.36% 4.39% 8.08% 2.70% MD 27.07% 4.07% 7.96% 2.80% NJ 26.14% 4.98% 9.99% 3.78% NY 26.07% 4.45% 9.11% 3.18% State Straw Buyer * Property Valuation Property Flipping NV 0.45% 33.36% 0.43% AZ 0.38% 25.75% 0.27% CA 0.61% 23.46% 0.18% MI 1.25% 21.34% 0.10% FL 0.43% 21.81% 0.42% CO 1.99% 17.94% 0.21% OH 0.13% 18.01% 0.20% MD 0.14% 17.19% 0.12% NJ 0.36% 13.12% 0.16% NY 0.27% 14.53% 0.16% SOURCE: Interthinx * The Interthinx[TM] "straw buyer" flag identifies a subject property that has been entered into Interthinx's system multiple times by different individuals, based on input Social Security numbers.
The highest possible fraud rates were found in the 10 states identified in the table above (all were states where at least 2,000 loans were submitted). "Inflated property value" was identified as the most common fraud category and was found in 56.77 percent of all "critical-risk" loan files submitted in the second quarter of 2009. In descending descending /des·cend·ing/ (de-send´ing) extending inferiorly. order, the following states rated highest in this category based on the number of critical-risk loan files submitted: Nevada, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Florida, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Massachusetts Massachusetts (măsəch`sĭts), most populous of the New England states of the NE United States. , Ohio, Maryland, Michigan, Minnesota and Pennsylvania.
None of the results contained above reflect either civil or criminal cases of fraud proven in a court of law. The results are derived from data provided by Interthinx clients, internal and external Interthinx data sources. Interthinx product-scoring results and human decision-making logic. The results reflect a significant variance between borrower-provided data and the other data sources generally set forth above, and are indicative of a greater potential for misrepresentation misrepresentation
In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. . These data differ from FBI statistics. The Interthinx data include loan application information on loan files in process during the second quarter of 2009. before a lending decision was made. FBI statistics are based predominately on Suspicious Activity Reports A Suspicious Activity Report (or SAR) is a report regarding suspicious or potentially suspicious activity, filed with the Financial Crimes Enforcement Network (FinCEN), an agency of the United States Department of the Treasury. (SARs) filed by lenders associated with banking entities. which may include closed loans and loans originated in prior years.