In mid-September, authorities in New Jersey charged eight suspects in a $30 million mortgage fraud scheme. Fraud experts say institutions also are seeing new schemes and trends that require monitoring. In 2011, suspicious activity reports collected by the FBI were up nearly 33 percent from 2010, growing to more than 93,500 reports with nearly $3 billion in losses. The FBI had 2,590 pending mortgage fraud investigations with 71 percent involving losses of more than $1 million. The FinCEN’s new SAR requirements took effect Aug. 13.”]
Source: https://www.cuinfosecurity.com/its-boom-time-for-mortgage-fraud-a-5137