Some interesting stats to share
A new report from the FBI states that mortgage fraud is up 36% from 2007 to 2008 and that so far it's "off the charts" for 2009.
In 2007 there were 46,717 cases reported. In 2008 there were 63,713 cases reported. They are saying that as of the third quarter, 2009 has produced over 70,000 cases of mortgage fraud.
Also the report states that the fraud is of a much larger scale: phony tax returns, pay stubs created online, etc. Big stuff.
It's hard to believe that mortgage fraud is even still possible in this market, but apparently it's thriving.
Regardless, I thought you might be interested in these numbers. At least there is some explanation as to why guidelines are still tightening up and changing.
In this market, communication is our best weapon during the transaction. Managing expectations and keeping everyone on the same page. That's how we can best service our clients...and maintain our sanity!
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