twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.



Mortgage Fraud a $1 Billion Industry

FBI previews data from upcoming report

October 2, 2006

By PATRICK CROWLEY


photo of Patrick Crowley
Losses from mortgage fraud ballooned to $1 billion last year, and the Federal Bureau of Investigation is blaming mortgage brokers for the increase. Meanwhile, Los Angeles is the star in an upcoming FBI report.

Federal Bureau of Investigation spokesman Steve Kodak has confirmed the figures to MortgageDaily.com.

An entire report on mortgage fraud will be released within a few weeks, Kodak said. He would not comment further on the numbers or offer an analysis or perspective on the report.

"In a couple of weeks the end of the fiscal year report will have the new data," Kodak said in a brief phone interview. "I'm not going to speculate right now."

Kodak did confirm that the report will show that mortgage fraud losses totaled $1 billion in 2005 and $545.9 million for the first half of the year. The total is more that double the total losses for all of 2004.

A major increase in the number of Suspicious Activity Reports, or SARs, made by financial institutions will also be included in the report.

In 2004 SARs totaled 21,994, Kodak confirmed. But just during the first half of 2005 institutions filed nearly 17,000 SARs.

The report will also detail the regions being hit hard by instances and reports of mortgage fraud.

Leading the pack is Los Angeles, with 2,293 reports of mortgage fraud reports through Sept. 25. Others in the unenviable top 10 are Atlanta (1,459); Chicago (1,245); Miami (1,191); San Francisco (942); Detroit (914); New York (907); Dallas (635); Phoenix (631); and Houston (618).

In May, the FBI reported that mortgage fraud would increase throughout the rest of the year.

"Based on various industry reports and FBI analysis, mortgage fraud is pervasive and growing," the agency said in a report, Financial Crimes Report to the Public.

The FBI put at least part of the blame on the industry's growing reliance on mortgage brokers to cultivate lenders in the booming housing market.

"The increased reliance by both financial institutions and non-financial institution lenders on third-party brokers has created opportunities for organized fraud groups, particularly where mortgage industry professionals are involved," the FBI said in the May report.


Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.


Logout forgot
password?

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.



Mortgage Fraud Index
Dollar and index amount by quarter and state.



Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013



Mortgage Fraud News
News stories about fraud committed against home lenders.



Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.



local mortgage fraud


mortgage fraud links



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders