[The Prieston Group](http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20050906006196&newsLang=en), who provide fraud insurance and other related services, released a study today analyzing mortgage fraud. Granted this is a press release and does not disclose the number of claims in the study, it does show some interesting results.

They ranked mortgage fraud by type:

Some highlights of study:

* Appraisal fraud: 9.7% of all claims.
* Occupancy fraud: was by far the highest type at 52.9% of all claims – “borrowers — or someone acting on behalf of borrowers — misrepresents whether they plan to live at the property.”
* Mortgage fraud: 48% of all claims in Georgia had some sort of fraud.
* Average LTV in survey was 81.7%
* Full doc loans were 55.5%

Remember, these are percentages of claims filed, not total numbers. I suspect the actual transaction numbers with some sort of fraud are much higher.

One Comment

  1. Jack Olson February 7, 2007 at 5:50 pm

    another reno mortgage fraud story

    http://localism.com/article/11892/Can-Anyone-Help-These-People-In

    when will these fraudsters be run out of business?!

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