Quarterly MLF Filings, Q1 2006 through Q1 2012
Mortgage Loan Fraud - MLF SAR
Mortgage Loan Fraud SAR Subjects-Top 20 States & Territories
Categories of Fraud Addressed in MLF SAR Narratives
FinCEN noted two SARs describing homeowners' insurance fraud related to mortgage fraud in the aftermath of home fires. In one instance, a home with two mortgages burned down. The borrower asked that the insurance check be payable to him instead of the mortgage lender, and did repay the first mortgage. But the subject ignored payment requests and subsequent demand letters from the filer on the second mortgage. In the other case, the filer suspected arson on a rental property insured for several times the mortgaged value. This subject repaid his mortgage loan with insurance proceeds and pocketed the additional insurance money.
One filer was notified by local law enforcement, based on a confirmed lead from a local realtor, about persons illegally occupying bank owned properties ("REOs"). The subjects moved into various bank owned properties claiming to have long term leases. However, the subjects' true objective appeared to be inducing lenders into paying them to vacate the premises.
Suspicious Activity Report Filings in 1st Quarter 2012
June 26, 2012