Mortgage fraud reports increased by 2% during the third quarter of 2010 but were down by 40% at credit unions, according to data released by the Treasury Department's Financial Crimes Enforcement Network.
From July through September, there were 16,693 suspicious activity reports for mortgage fraud, compared with 16,339 during the same period in 2009.
At credit unions, there were 58 SARs of mortgage fraud, compared with 96 during the same period in 2009.
Overall, there were 175,717 SARs during the third quarter of 2010, compared with 172,125 during the same three months of 2009. During both quarters, mortgage fraud was reported in 9% of all SARs filed.
The largest percentage of mortgage fraud reports -37%- reported that the suspicious activity amount ranged from $100,000 to $250,000, compared with 34% in the third quarter of 2009.
Of the reports filed, 82% did not indicate the amount lost. Of those that reported a loss amount, 8% said the loss was less than $100,000, 6% said the loss was between $100,000 and $250,000, 3% said the loss was between $250,000 and $500,000 and 1% said the loss was between $500,000 and $1 million.
You can read the report here.