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Mortgage Broker News | 18 Dec 2015, 08:15 AM Agree 0
The major banking regulator expressed its concern over mortgage fraud, but brokers may already be doing their part to help minimize risk
  • Mal Eccles Secretary IMBA | 18 Dec 2015, 09:43 AM Agree 0
    As Mr Lane points out, " where do we report suspicious, possible fraudulent activity?" Actually this should be reported to an Approved Investigative Authority. Some examples of AIA's are your local or provincial Police, CRA,( Informant Leads program), RECO, Appraisal Institute, our mortgage insurers ( fraud@CMHC.ca, fraudwatch@canadaguaranty.ca, stopfraud@genworth.com, or FINTRAC (see providing Voluntary Information)http://www.fintrac.gc.ca/
    As we the Brokers are the front line troops for Fraud it is our duty to now be on the look-out for illegal activities, as is mandated in the new Guidelines enacted by FSCO.
  • Victor Simone | 18 Dec 2015, 09:49 AM Agree 0
    One of the things that is challenging right now is verifying bank statements for clients that have "online account only". Many bank transaction records printed online do not have the client name, address, and account number on the print out.

    In most cases the confirmations of deposits requires the clients to go back to their bank "Competitor" and that is a deal killer sometimes. Sending your client into your competitor is just another chance for the bank to snatch your client business.

    Can't banks be told to include account holder details on their online printouts ? Surely, OSFI can make certain things easier for everyone.
  • Len Lane | 18 Dec 2015, 10:28 AM Agree 0
    Thanks for those possible AIA's Mal. Perhaps this should be an association focus for the training in the coming quarters. Its a gray area to accuse someone of fraud and could set yourself up for liable or defamation law suites so you should be 100% sure before you make those claims.
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