American Banker (05/14/08) P. 4; Hopkins, Cheyenne
Of the "suspicious activity reports" (SARs) submitted by banks, thrifts and credit unions in 2007, 58 percent involved loans originated by mortgage brokers, according to a recent report from the Financial Crimes Enforcement Network. The SAR Activity Review--Trends, Tips & Issues report indicated that more than 37,000 mortgage fraud reports were filed last year, a gain of 44 percent from 2006. Arizona, California, Florida, Illinois and Michigan saw the most filings.
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