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Rise in Loan Fraud

A recent report reveals an increase of 45 percent in the occurences of fraud among various industry professionals and loan officers during the second quarter of 2008.

The report published by Mortgage Asset Research Institute in Reston, VA does not give any specific data, however, it says that 36 percent of the fraudulent involves misrepresentations of borrowers' incomes whle the other 20 percent involves misrepresentations of borrowers' employment by loan professionals.

The Research Institute is a consulting firm, which compiles its data from the surveys of top lenders of the country.

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