Mortgage fraud suspicious activity reports rose 44%, to 62,084, in the 12 months through June 30 of last year, according to the Financial Crimes Enforcement Network.
Mortgage fraud SARs accounted for 9% of depository institutions' SARs in the 12 months, the agency said in its annual mortgage fraud report. Eight percent of the filings cited repurchase demands, 13% cited foreclosures, 8% cited early default payments, and 2% cited indications of suspected fraud. Thirty-four percent of the mortgage fraud reports were filed before granting a loan, versus 31% in the previous 12 months.
Fincen tracked mortgage fraud since 2006.
