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Property valuation fraud risk up in latest quarterly report
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Industry News, The Blotter
Thursday, July 3, 2014
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Interthinx, a subsidiary of First American Financial Corp. and a provider of comprehensive risk mitigation solutions for the financial services industry, has released its quarterly interactive Mortgage Fraud Risk Report covering data collected in the first quarter of 2014.
In the first quarter of 2014, the national Mortgage Fraud Risk Index value was 100, the same value as it was a year ago and down 1 percent from Q4 2013. The national Property Valuation Fraud Risk Index is 128, up 27 percent from last quarter and 17 percent from a year ago. Indicators suggest this increase is driven by persons in certain areas purchasing and listing multiple properties in the same neighborhood. By controlling those markets, these persons have the ability to artificially control the price of a property to their advantage. Another contributing factor observed is the rise of properties being appraised well above traditional valuation thresholds.
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