Monday, February 11, 2008
FinCEN Releases 9th Issue of SAR Activity Review
The Financial Crimes Enforcement Network issued today the latest edition of the SAR Activity Review - By The Numbers. This report presents a compilation of numerical data gathered from Suspicious Activity Reports (SARs) filed through the first six months of the year. While this report does not analyze specific trends, changes in the reporting of some suspicious activities are of note and will be of interest to financial institutions, regulatory, and law enforcement agencies. For example, the suspicious activity characterization Mortgage Loan Fraud increased 35% from the corresponding six-month period in 2006. FinCEN is preparing a more comprehensive analysis of mortgage fraud to be released in the near future.
Structuring/Money Laundering continues to be the predominant characterization of SARs filed by depository institutions, at 48%. However, Check Fraud (10.5%), Counterfeit Check (8.9%), Credit Card Fraud (4.8%), Mortgage Loan Fraud (3.9%), Check Kiting (3.3%), Identity Theft (2.4%) and other types of fraud are consistently represented. By The Numbers further categorizes this data by state and by year so that users can compare numbers which are relevant to their areas of interest.
Since the inception of SAR filing requirements for money services businesses in 2002, along with the addition of requirements for other covered industries, SAR filings by non-depository institutions have grown to represent approximately 42% of all SARs filed.
In addition to use by FinCEN analysts, SARs are made available to federal, state and local law enforcement agencies and regulators. Law enforcement uses SARs both reactively to support existing investigations of fraud and money laundering, and proactively to initiate new investigations. There are over 80 SAR review teams located across the United States which consist of experts trained to conduct complex criminal financial investigations.
FinCEN issues The SAR Activity Review - By the Numbers twice a year, as a companion piece to The SAR Activity Review - Trends, Tips & Issues.
mortgage fraud
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Some Sources require Registration.
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As head of the California Department of Real Estate, it’s Davi’s responsibility to oversee the licensing and regulation of real estate agents and to investigate complaints.
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Mortgage Firm Countrywide, In Response To Alleged Data Breach, Offers Free Credit Monitoring
Los Angeles Times - CA
Countrywide Financial Corp. is offering two years of free credit monitoring to customers whose sensitive personal information, including Social Security numbers, allegedly was stolen from the home lender's computer files.
Caught in ID Theft's 'Horrible Web'
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A woman took Carpenter's professional identity as a real estate appraiser, using Carpenter's name and license number. She even appraised commercial and million-dollar properties that Carpenter, a residential appraiser, isn't licensed to do.
Top 10 Riskiest Areas for Mortgage Loans
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First American CoreLogic recently released a study that ranks America's top 10 riskiest areas in which to make a home loan.
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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