Fraud continues to plague the mortgage industry. Mortgage
fraud impacts everyone from insurers, to lenders, to brokers and more… Fraud
drives of the cost of everything up - from insurance to the cost of the
additional underwriting and due diligence required in correlation to mortgage
financing.
March was Fraud Awareness Month in Canada, an annual
initiative undertaken by the RCMP. In the spirit of Fraud Awareness Month, many
in the mortgage industry got involved not only to raise awareness but also to
start a discussion on how to reduce mortgage fraud in the future.
Mortgage Brokers News
recently reported on Fraud Chat, a series of 3 chats held in the month of March
addressing various topics related to fraud. Fraud Chat was hosted by the
Financial Services Commission of Ontario and the Toronto Police Service.
The intention of Fraud Chat was to enable individuals to
share and engage on the topic of fraud in the spirit of both awareness and
prevention.
The hosts of Fraud Chat encouraged those in any role in the
financial services community with anything material related to fraud to share
it. Did you get a chance to participate in Fraud Chat? If not, you can view the
dialog on Twitter by searching #fraudchat.
For more information about tools and technologies that you
can leverage to mitigate mortgage fraud please visit www.purview.ca/lenders
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