Mortgage fraud risk rises as jumbos attract more attention

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Taken together the reports show that suspicious activity reports (SARs) indicating mortgage loan fraud (MLF) climbed 7 percent, rising to 35,135 in the first half of 2010 compared with 32,926 in the first half of 2009. In part, the increase can be attributed to increased attention to older loans spurred by repurchase demands.

Mortgage Fraud F inancial crimes are one of the fastest growing areas of criminal activity in the United States and one of the fastest growing areas of financial crimes is mortgage fraud. Fraud involves two parties: one makes a false statement of fact material to the business involved and the other party relies on that statement to their detriment.

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Jumbo loans are the new ‘black’ in lending thanks to the product’s attractive rates in the current market. The only problem is this new found popularity comes with increased risk for mortgage fraud.

Amazing Case of Loan and Mortgage Fraud Mortgage fraud risk spikes year-over-year.. according to the Mortgage Application Fraud Risk Index released by CoreLogic.. the greatest risk of fraud was seen in the jumbo refinance loan.

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The index, which estimates the level of potential fraud in mortgage applications submitted by consumers, has fallen almost 5% through September, October and November and is now well below the level seen in 2011 to 2013. What’s more, the risk of defects is down 23.5% from the high point of risk in October 2013, FAMS says in its report.

Mortgage fraud by individuals who lie about their income, is an attempt to lead the lender to part with money on a higher risk basis than the lender is led to believe exists. A higher risk should attract a higher interest rate or more possibly lead to a decline to lend.

According to the FBI and U.S. Treasury, roughly 69,000 "suspicious activity reports," or SARS, related to mortgage fraud were filed in 2012. That number is down 25 percent from 2011, when 92,000.

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