FinCEN SAR Activity Review, Trends, Tips & Issues, Issue 10
FinCEN SAR Activity Review, Trends, Tips & Issues, Issue 10
FinCEN SAR Activity Review, Trends, Tips & Issues, Issue 10
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14<br />
Table 3: Depository Institution <strong>SAR</strong>s Involving Mortgage Loan<br />
Fraud/Annual Filing <strong>Trends</strong> January 1, 1997 to December 31, 2004<br />
20,000<br />
18,000<br />
16,000<br />
14,000<br />
12,000<br />
<strong>10</strong>,000<br />
8,000<br />
6,000<br />
4,000<br />
2,000<br />
Monetary Value Involved<br />
0<br />
MORTGAGE LOAN FRAUD FILING TREND<br />
1997 1998 1999 2000 2001 2002 2003 2004<br />
NO. OF REPORTS 1,720 2,269 2,934 3,515 4,696 5,387 9,539 18,391<br />
The total dollar amount of suspicious activity reported for the period between<br />
April 1, 1996 and June 30, 2005 was $16,748,111,493. In July 2005, the<br />
national median price for existing homes for all housing types was $218,000,<br />
according to the National Association of Realtors. Over 58 percent of the<br />
mortgage loan fraud reports fell into the range between $<strong>10</strong>0,001 and<br />
$500,000.<br />
Seven of the top ten <strong>SAR</strong> filers in this study reporting mortgage loan fraud<br />
also were listed in the top three percent of 1,506 nationally ranked U.S.chartered<br />
commercial banks with consolidated assets of $300 million or<br />
more. 14 However, this could be due to their market share in mortgage lending.<br />
14 Board of Governors of the Federal Reserve System Internet site, http://www.federalreserve.gov/<br />
releases/lbr/current/default.htm, (accessed October 3, 2005), Insured U.S.- Chartered Commercial<br />
Banks that Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as of<br />
December 31, 2005.