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Mortgage Fraud Hit All-Time High
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March 16, 2009
The proportion of origination to mortgage fraud volume has raised some new concerns. In the state that ranked number one for mortgage fraud more than three times the expected amount of mortgage fraud for the amount of loans originated was reported.
MortgageDaily.com analyzed the 11th Periodic Mortgage Fraud Case Report from the Mortgage Asset Research Institute (MARI). The institute found that suspicious activity reports (SARs) increased about 30 percent in 2008 from the year prior.
Approximately 58,800 SARs tied to mortgage fraud were filed with the Federal Bureau of Investigation last year, reaching a new record high. More than 60 percent of all fraud incidents involved some type of application fraud.
Experts conclude that this new data would suggest more people than ever are perpetrating fraud, perhaps due to the economic downturn. The report also ranks the top 10 states for mortgage fraud -- Rhode Island lands the top spot for the first time as the worst state for mortgage fraud.
Get the rest of the details at MortgageDaily.com
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