Reported Mortgage Fraud Declines by 41% in 2010

LexisNexis Risk Solutions have indicated a year over year decrease in the number of reported incidents of mortgage fraud and misrepresentation by industry professionals by 41% in 2010 from 2009. However, LexisNexis believes that underreporting and “Fewer ways to identify and report fraud” have contributed to the decrease more so than a true reduction in fraud activity. Denise James, LexisNexis director of real estate solutions states, “Depreciated housing inventories and the threat of homeownership uncertainty by consumers have opened new doors for fraudsters to evolve their craft…Mortgage fraud has become more complex and harder to verify using traditional methods.” http://bit.ly/iA9fCb

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