Mortgage Fraud Still Climbing

Allison Tussey —  May 16, 2012 — 2 Comments

According to FINCEN’s May 2012 SARS Activity Review – By the Numbers, the number of depository institution SARs identifying Mortgage Loan Fraud as a Characterization of Suspicious Activity continued to rise (up 30.6% in calendar year 2011). The number of depository institution SARs identifying Mortgage Loan Fraud as a Characterization of Suspicious Activity continued to rise (up 30.6% in calendar year 2011).

Quite markedly, Mortgage Loan Fraud is the only summary characterization that has experienced an increase every year since 1996, with the past two years (2010 and 2011) accounting for nearly 37% of all noted instances of this specific activity for the last decade. Note that depository institutions may submit Mortgage Loan Fraud SARs well past the actual date of the activity.

This upward spike in mortgage fraud counts is in predominant part attributable to mortgage repurchase demands and special filings generated by several institutions.

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Allison Tussey

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2 responses to Mortgage Fraud Still Climbing

  1. were you a victim of Midwest Equity? Send me a brief email about the situation. I think we may have something in common.

    Jack

  2. 20 mortgage fraud scams was pulled by Midwest equity .Chicago to Minnesota same game as above and the bank and investors are trying to sale these people homes while there in them .Where is there help?

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