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Entries in Mortgages and Lender Info (1)

Mortgage Fraud up 31% in 2007

Falling home prices unmasking application fraud

Inman News

The number of suspicious activity reports related to mortgage fraud increased 31 percent in 2007 compared to the year before, to 46,717, with 60 percent of those incidents involving false claims on loan applications such as employment history and claimed income.

That's according to an annual report on mortgage fraud by the Mortgage Asset Research Institute (MARI), which said Florida and Nevada led the nation in the rate of suspected mortgage fraud cases, followed by Michigan, California, Utah, Georgia, Virginia, Illinois, New York and Minnesota.

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Posted on Friday, March 14, 2008 at 01:58PM by Registered CommenterBeverly Fast Sinclair in | CommentsPost a Comment