Sociable

Wednesday, September 28, 2011

Reports of mortgage fraud activity up, way up

Reports of possible mortgage fraud grew in the second quarter, with financial institutions filing 29,558 mortgage loan fraud suspicious activity reports, the Financial Crimes Enforcement Network said Wednesday.
That is up from 15,727 in the same quarter of 2010.
In the first quarter of 2011, suspicious mortgage activity reports grew to 25,485 complaints.
The surge in SARs are coming as mortgage lenders sift through the paperwork in past mortgages. Mortgage servicers remain under heavy scrutiny following robo-signing allegations and continue to sift through documents in order to make sure all ducks are in a row. Many of the reported instances come from defaults, including borrowers who wrongly presented information about their finances.
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