The Real Deal Miami

Florida ranks number one in mortgage fraud

March 14, 2008 01:21PM

Florida was the state with the highest mortgage fraud rate in the U.S. for the second year in a row in 2007, according to a study by the Mortgage Bankers Association. Such crimes include buying homes and flipping them for more money by forging appraisal information or mortgage documents. The Florida Department of Financial Services in West Palm Beach recently added an investigator to its mortgage fraud team. Few scammers in the area have been prosecuted so far.