Miami Is the City With the Most Mortgage Fraud Risk

By Douglas A. McIntyre Published Feb 11, 11:05AM EST

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Miami Is the City With the Most Mortgage Fraud Risk — © ntzolov / E+ via Getty Images

While mortgage fraud is rare, people do make applications where they lie about their incomes and where people try to get mortgages multiple times. According to real estate research firm CoreLogic, this is most frequent in Miami.
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The new CoreLogic study covers the final quarter of last year. Each city has a fraud index. The higher the score, the higher the risk. The only city over 300 is Miami at 308, based on this fourth-quarter 2022 data.

Fraud risk has nothing to do with city size. Miami has a population of 6,173,008. The city with the next highest fraud risk is Poughkeepsie, whose population is 678,527. Its fraud risk figure is 245. Fraud risk in almost all cities with the worst fraud risk scores has risen over the previous.

The Justice Department has had to create a task force to handle the fraud risk problem. Attorney General Eric Holder Jr commented, “Our efforts to attack mortgage fraud must be, and are, concerted and coordinated. Working together, we can send a clear and straightforward message: Those who prey on vulnerable American homeowners cannot hide from the hand of the law. If you perpetrate mortgage fraud, we will find you and we will bring you to justice.”
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What is clear from both the Justice Department statement and CoreLogic data is that the mortgage fraud problem is not going away. Here are five common mistakes people make paying off their mortgage.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.