Recent reports have shown that cases of appraisal fraud have dropped dramatically, but mortgage fraud is on the rise.
The quarterly report from the U.S. Department of the Treasury Financial Crimes Enforcement Network released in January showed good news for the valuation profession. It stated that incidents of appraisal fraud plunged from 2013 to 2014, dropping from 7,641 cases in 2013 to 2,033 in 2014 [See Depository Institutions, Exhibit 5]. This was the sharpest percentage decrease of any other type of fraud tracked by FinCen. [Read more…]