Sunday, June 29, 2008
Mortgage Loan Fraud: An Update of Trends based Upon an Analysis of Suspicious Activity Reports, April 2008
10:10 PM |
Mortgage Loan Fraud: An Update of Trends based Upon an Analysis of Suspicious Activity Reports, April 2008
A review of SARs suggests that although reports of suspected mortgage loan fraud continue to grow, the filers appeared to be initiating more stringent practices to prevent it. Although reports of mortgage loan fraud increased, a higher percentage of filers over previous years indicated detection of potential fraud earlier in the loan process. Reports that were reviewed demonstrated due diligence measures strengthened, at least in part, by practicing a thorough verification of data received from third parties. Consequently, the reviewed SAR filings showed a pre-funding fraud detection rate of nearly 31%, an improvement of ten percentage points over the previous years.
Narrative details in the reviewed SARs identified mortgage brokers as the loan originators for the majority of the suspected fraudulent loans; 1,025 of 1,769 narratives (nearly 58%) disclosed that the loans were originated by mortgage brokers. Details from sampled narratives identified depository institution filers as loan originators in 179 SARs (10%). Of those SARs, the fraud was detected prior to loan financing on 60 SARs (nearly 34%). Since mortgage brokers are not required to file suspicious activity reports, the number of applications rejected by mortgage brokers for suspected mortgage fraud can not be estimated from SAR filings. [more...]
A review of SARs suggests that although reports of suspected mortgage loan fraud continue to grow, the filers appeared to be initiating more stringent practices to prevent it. Although reports of mortgage loan fraud increased, a higher percentage of filers over previous years indicated detection of potential fraud earlier in the loan process. Reports that were reviewed demonstrated due diligence measures strengthened, at least in part, by practicing a thorough verification of data received from third parties. Consequently, the reviewed SAR filings showed a pre-funding fraud detection rate of nearly 31%, an improvement of ten percentage points over the previous years.
Narrative details in the reviewed SARs identified mortgage brokers as the loan originators for the majority of the suspected fraudulent loans; 1,025 of 1,769 narratives (nearly 58%) disclosed that the loans were originated by mortgage brokers. Details from sampled narratives identified depository institution filers as loan originators in 179 SARs (10%). Of those SARs, the fraud was detected prior to loan financing on 60 SARs (nearly 34%). Since mortgage brokers are not required to file suspicious activity reports, the number of applications rejected by mortgage brokers for suspected mortgage fraud can not be estimated from SAR filings. [more...]
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