Suspected mortgage fraud tops FinCen list

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Police bust mortgage fraud ring ‘FinCEN’s tracking of suspected mortgage loan fraud and foreclosure rescue scam SARs has contributed greatly to law enforcement’s ability to better understand the nature of this insidious crime,’ says FinCEN Director James H. Freis Jr. ‘FinCEN’s efforts in fighting mortgage fraud and foreclosure rescue scams remain a priority.

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This report differs from the previously released reports, Mortgage Loan Fraud, and Money Laundering in the commercial real estate Industry, which focused on criminals seeking to profit by committing mortgage fraud.. A complete copy of FinCEN’s report, Suspected Money Laundering in the.

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FinCEN’s data on suspected mortgage fraud shows that reports declined 25% in 2012 (from 92,561 to 69,277) as compared to the previous year. The past three years of suspected mortgage fraud suspicious activity reports (MLF SARs), if counted by the date they were received by FinCEN, accounted for approximately 46% of the past decade’s mortgage fraud SARs.

FHFA: Principal reduction would cost Fannie, Freddie $100 billion FHFA told lawmakers that forbearance, which allows the borrower to reduce or suspend payments on a loan for a specific amount of time, is a less costly option. Principal forbearance limits accounting losses and allows Fannie and Freddie to recoup the principal at some later point, according to the letter.

SAR filings on suspected mortgage fraud subjects increased by more than 50 percent in ten states over the previous year, and the top five states for reported mortgage fraud were California, Florida, Illinois, Georgia and Texas.

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The following list identifies types of mortgage loan fraud, which are primarily based upon schemes and scams frequently reported or described in SARs or identified by law enforcement and regulators. This information is intended to assist RMLOs in identifying when illicit activities occur in connection with mortgage loan transactions.

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