Suspicious activity reports (SARs) indicating possible mortgage loan fraud (MLF) increased 2 percent to 16,693 in the third quarter of 2010 up from 16,339 MLF SARs in the 2009 third quarter.
- More than 80 percent of MLF SARs involved suspicious activity amounts under $500,000.
- Nearly all MLF SARs with reported loss amounts indicated amounts under $500,000. However, 75 percent of MLF SARs did not indicate loss amounts.
- Filers identified over half of SAR MLF subjects in the 2010 third quarter as borrowers.
- California and Florida had the highest number of subjects, followed by New York and Illinois. Based on subjects per capita, Florida and California switched places in the first and second place rankings, while Nevada and Arizona replaced New York and Illinois as third and fourth highest per capita.