Mortgage Bankers Association Releases 2006 MARI Mortgage Fraud Report
|June 18, 2007|
The Mortgage Bankers Association (MBA) announced that the Mortgage Asset Research Institute, LLC (MARI®), a ChoicePoint® (NYSE: CPS) Service, has delivered its Ninth Periodic Mortgage Fraud Case Report to MBA. The report examines the current state of residential mortgage fraud and misrepresentation in the United States based on participating lenders’ reports to MARI.
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. In addition, in March, MBA signed an agreement with the FBI to promote the use of the FBI’s Mortgage Fraud Warning Notice.
“Fraud against mortgage lenders is a growing concern to all who have a stake in our industry,” said John M. Robbins, CMB, Chairman of the MBA. “While we continue to try to get our arms around the full scope of the problem, the MARI report significantly helps the industry better understand where we need to focus efforts in defending our companies and communities against mortgage fraud as it increases in frequency across the nation.”
Some highlights in the report include the following: