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Download Mortgage Loan Fraud PDF

Following a wide elevate in depository establishment Suspicious job Report(SAR) filings on personal loan mortgage fraud, the monetary Crimes Enforcement Network(FinCEN) issued a record in November 2006 describing tendencies and patternsshown in SARs reporting suspected loan personal loan fraud filed among April1, 1996 and March 31, 2006.1 FinCEN has endured to observe those stories. Thisanalysis updates the former document through reviewing SARs filed among April 2006and March 2007.

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The percentage of fraudulent construction loans and purchase loans reported experienced a decrease while reports of fraud in 2nd trust, refinance, and home equity loans increased. Figure 20 displays the comparison. 19%) for the reviewed period. Without this specification, it is not possible to determine whether mortgages described in the remaining SARs were subprime loans. Filers did not identify any FHA Title One loans in the sampled narratives reviewed for this update report. It is unknown if there was a decrease in reports of fraud in FHA Title One loans, or if the filers simply did not identify the loans as such.

Fraud Locations SARs contain data fields for subject addresses, the filer’s main office address, and the filer’s branch address where the suspicious activity was discovered. Because the subject address provides the best source for identifying geographic locations of real estate involved in mortgage loan fraud, this study identified the location of the fraud by the subject address. This is because most residential mortgage loan applicants intend to reside on the property used to secure the loan.

S. Department of Commerce, Bureau of Economics reporting the per capita income and state rankings for 2006 (projected). Although Alaska had only 38 SARs reporting mortgage loan fraud in 2006, it was the state with the largest growth in reports of mortgage loan fraud by percentage increase. States with negative growth included South Dakota, Iowa, Vermont, South Carolina, New Mexico, and Kansas. Eleven of the twenty states showing the greatest increase in reported subjects were ranked within the top twenty states for per capita income.

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