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Mortgage Broker News | 31 Jul 2018, 12:58 AM Agree 0
Crown corporation asks national tax agency to improve income checks
  • | 31 Jul 2018, 12:08 PM Agree 0
    why does CMHC as the finance minister to clamp down on Car loans and credit cards ? When their tds often exceeds guidelines . When the rules are so tight and rents are so high , people become desperate for affordable housing. As good brokers we try to weed out the fraud ...however it is difficult as fraudsters are one step ahead ....
  • duty to report | 31 Jul 2018, 01:00 PM Agree 0
    Not sure what the 31 Jul 2018, 12:08 PM comment is saying..?

    It's about time the insurers got involved. Many think misrepresentation/fraud is not a big issue, they have blinders on. I see several incidents a day, regulators are understaffed so cannot manage the cases. Lenders are getting better at tracking incidents (from agent to realtor info) and are reporting all details, but they need effective tools to battle this issue. PS - that rental being submitted as a second home IS misrepresentation.
  • Haysuus | 31 Jul 2018, 06:43 PM Agree 0
    Insurers are involved and all 3 have fraud centers that collaborate and share info. I worked at one and its amazing the stuff they see everyday. the gov needs to get in the game and allow for verification of line 150 amounts. a central database that lenders and insurers could use would be helpful too, where fraudulent misreping applicants could tracked.
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