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The Delay in Discovering Mortgage Fraud - Or What You Don’t Know for Too Long Can Hurt You

The Delay in Discovering Mortgage Fraud - Or What You Don’t Know for Too Long Can Hurt You

Suspicious Activity Reports (SAR) have been used as a primary measurement of mortgage fraud levels for many years. When a known or suspected mortgage fraud is identified, a SAR must be filed with FinCEN (U.S. Department of the Treasury, Financial Crimes Enforcement Network) within 30 days of discovery. SAR information is available online in the form of reports that track the number of reports filed over time. However, one of the shortcomings of the report is that it only tracks the date the SAR was filed, and not when the actual fraudulent activity took place.

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