The Latest On Mortgage Fraud

Fri, Feb 5, 2010

Mortgage Market Commentary This Month

After six years of double-digit growth, reports of suspected cases of mortgage fraud by lenders leveled off in the first half of 2009 but remained at a historically high level, according to a government report, says Inman News. The Financial Crimes Enforcement Network (FinCEN) said depository institutions reported 32,926 cases of suspected mortgage fraud in the first half of 2009, an increase below 1 percent from the same period in 2008. In a previous report, FinCEN said it received 64,816 reports of cases of suspected mortgage fraud in all of 2008, a 23 percent increase from the year before but the smallest annual increase since 2002. After peaking at 93 percent in 2004, growth in suspicious activity reports related to mortgage fraud was 41-44 percent in 2005-07.

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