For all states, the top fraud incident type was in "General Application Misrepresentation" followed closely by misrepresentations related to "Income" and "Employment." In addition, MARI continues to see multiple fraud types, such as identity theft and identity fraud, in loan transactions.
MARI provides valuable industry insight derived from its Mortgage Industry Data Exchange (MIDEX) database, which contains an aggregation of reported incidents of fraud and verified misrepresentations submitted by leading mortgage industry participants. MARI analyzes this industry data and presents reports that depict a national composition of residential mortgage fraud and misrepresentation to support the industry's effort in the fight against mortgage fraud.
The new MARI Quarterly Fraud Report is intended to provide more timely information to help the industry in its efforts to reduce or prevent mortgage fraud.
"The mortgage industry is currently in a volatile state, as many constituents try to protect themselves from criminals who continue to use these turbulent times as an opportunity to commit new fraud and inflict additional financial damage for our nation's lenders," according to the MARI Quarterly Fraud Report.
A MARI Loan Fraud Alert Service Pro (LFAS Pro), a new industry-contributed mortgage loan process management database with patent-pending technology, enables lenders and investors to identify potential application risk, patterns of fraud and hidden relationships among parties involved in mortgage transactions. MIDEX and LFAS Pro are key components of ChoicePoint's comprehensive Identity Risk Management (IRM) solutions for the mortgage industry. ChoicePoint's IRM solutions help mitigate fraud by allowing organizations to better know their customers, employees and vendors on the front and back ends of the loan process.
The MARI Quarterly Fraud Report is available on MARI's Web site at http://www.marisolutions.com/resources-news.asp
About Mortgage Asset Research Institute
The Mortgage Asset Research Institute, LLC (MARI) is a premier provider of
mortgage fraud prevention solutions and information services to the mortgage
and financial services industries. MARI's 600+ subscribers represent the
entities involved in over 80% of the wholesale mortgages originated in
About ChoicePoint
ChoicePoint (NYSE: CPS) provides businesses, government agencies and non-profit organizations with technology, software, information and marketing services to help manage economic risks and identify business opportunities. Consumers have free access to the reports we create at http://www.ChoiceTrust.com . Learn what we do to protect consumer privacy by visiting http://www.PrivacyatChoicePoint.com and, for more information on our company, go to http://www.ChoicePoint.com .
(C) 2008 ChoicePoint Asset Company LLC. All rights reserved. MARI is a servicemark and ChoicePoint, the ChoicePoint logo and MIDEX are registered trademarks of ChoicePoint Asset Company.
SOURCE ChoicePoint