Following a wide raise in depository establishment Suspicious job Report(SAR) filings on loan mortgage fraud, the monetary Crimes Enforcement Network(FinCEN) issued a file in November 2006 describing traits and patternsshown in SARs reporting suspected personal loan personal loan fraud filed among April1, 1996 and March 31, 2006.1 FinCEN has persevered to observe those experiences. Thisanalysis updates the former file by way of reviewing SARs filed among April 2006and March 2007.
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Extra resources for Mortgage Loan Fraud
Example text
Htm. S. 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.
One explanation for the increase in victim reports could be greater consumer awareness of identity theft and greater use of free annual credit bureau checks, resulting in more frequent credit report checks. Figure 25 also shows a nearly 88% increase in the reports of borrowers contacting lenders to request a change in the Social Security Number associated with their loans. The borrowers were, in effect, revealing that they used a fraudulent Social Security Number at the time the loan was initiated.
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.