Oklahoma Mortgage Fraud Stats

Throughout the nation, mortgage fraud and loan schemes are on the rise and Oklahoma is unfortunately no exception. While Oklahoma is not considered to be one of the FBI hot spots for mortgage fraud, borrowers still find themselves falling victim to predatory lending, reverse mortgage fraud, and bad faith mortgages. The Oklahoma law firm of Hershewe explores some statistics surrounding mortgage fraud and scams.

Mortgage Fraud Reporting and Losses

Mortgage fraud is considered to a lucrative scheme with a high yield and very little risk. Since 2003 the number of suspicious activity reports made in the US has increased from nearly 7,000 in 2003 to more than 46,000 in 2007, according to a report published by the Federal Bureau of Investigation. Of these suspicious activity reports, only seven percent were able to give a dollar amount to the loss suffered. These losses, which represent only a small portion of money and investments lost to fraud, totaled over $813,000,000.

Fraud by Region

The south central region of the nation, which includes Oklahoma, Texas, Arkansas, Louisiana, Mississippi, Alabama and Tennessee, has the second lowest percentage of mortgage fraud investigations, with only eighteen percent of the total investigations nationwide taking place in the region.

Emerging Fraud

As the housing market changes, so too do the schemes used to defraud banks and borrowers. Schemes involving identity theft, reverse mortgage fraud, as well as foreclosure rescue schemes are on the rise nationwide.

Mortgage fraud continues to be a growing problem throughout the nation and for homebuyers and lenders alike. While law enforcement agencies take steps to help lessen the instances of fraud that occur, the problem may never be fully eliminated.

An Oklahoma mortgage attorney can help answer any questions you have regarding mortgage fraud, as well as provide you with advice to avoid becoming a victim.

To speak with an Oklahoma mortgage attorney, contact The Hershewe Law Firm toll-free at 877-382-9734 or feel free to use our quick contact web form.