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Tenth Periodic Mortgage Fraud Case Report

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Mike Kennedy

Elite Member
Sep 28, 2003
Professional Status
Certified Residential Appraiser
New York

The most common types of fraud found in 2007 originations are in the areas of

employment history and claimed income.

These were the same types of fraud found in the 2006 originations, though the tertiary issue of undisclosed or incorrect debts, liens or judgements increased 50 percent between 2006 and 2007.


Appraisals/Valuations Comparison


16% / 17% 2007
16% / 16% 2006
20% / 17% 2005
22% / 18% 2004
31% / 22% 2003

The reports submitted to MARI include the following information about each incident:

Location of the collateral (state, city and address, to the extent known)

Names of the originating entity and the loan officer who took the application

Date the misrepresentation took place

The method used to verify the existence of the reported misrepresentation(s)

A short narrative description of the misrepresentation(s) found during the MIDEX
subscriber’s investigation

Names of any other professionals who appear to be in a position to influence the
accuracy of the information found to be misrepresented; e.g., the name of the
appraiser and appraisal firm in cases where the property value is found to be
significantly inflated

A certification from an authorized individual at the submitting mortgage entity that
the report is, to the best of his/her knowledge, complete and accurate

Last edited:


Elite Member
Apr 23, 2002
Professional Status
Certified General Appraiser
Mike & Mike,
It seems reasonable, based on Fannie, Mari, and FBIs reports, that
reform should be direct at the lenders by a factor of 10 to 1.
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