MARI Update - Latest Report of MARI Fraud Stats
MARI Update
Latest Report of MARI Fraud Stats Released by Mortgage Bankers
The latest
MARI Mortgage Fraud Report has
been released by the Mortgage Bankers Association (MBA). "MBA has been a leader
in raising the national profile of mortgage fraud against lenders and bringing
together all those who are affected by fraud to help find solutions. MBA is
leading an effort to obtain an additional $6.25 million annually for the FBI to
hire additional investigators and prosecutors solely responsible for dealing
with cases of fraud against lenders," according to
WEBWIRE.
You can find the complete report here:
http://www.mari-inc.com/reports.html.
Update March 2008
The tenth Periodic Mortgage Fraud Case Report by the Mortgage Asset Research Institute, LLC (MARI) was released on March 13th at MBA's annual National Fraud Issues Conference in Chicago. The report examines the current state of residential mortgage fraud and misrepresentation in the U.S. based on participating subscribers' reports to MARI.
Overall,
2007 marked the lowest volume of mortgage loan originations since 2002, the
highest number of delinquencies and foreclosures, rapid and near complete
shutdown of the non-conforming secondary market and hundreds of announced
closures of mortgage originators. The most common types of fraud found
in 2007 originations were in the areas of employment history and claimed
income.
(If you have E&O insurance through OREP and have not
registered yet for your free access, email for details
subscription@workingre.com.)