Mortgage Fraud Investigations Jump 400%
According to the Housing Wire, FBI investigations jumped 400% over the past 5 years. Mortgage fraud is biggest reason why so much documentation is needed when buying a home. I am sure the advances in technology have played a large role in this enabling people to create fake paystubs, bank statements, tax returns, etc.
The FBI investigated more than 2,100 mortgage fraud cases in 2009. The OTS said at least 63% of all pending FBI mortgage fraud investigations during fiscal year 2008 involved dollar losses of more than $1m each.
This is another reason it is more important than ever to work with an honest mortgage professional.