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Mortgage Broker News | 28 Sep 2010, 10:14 AM Agree 0
A Mississauga, Ont. man was charged with four counts of mortgage fraud over $5,000 each.
  • MP | 29 Sep 2010, 02:22 AM Agree 0
    it is a good step in the right direction by the RCMP to weed out the people responsible for defaming this industry.
  • Kevin Power | 29 Sep 2010, 02:29 AM Agree 0
    This is only a tip of the iceberg on what has actually happened in the past or still ongoing efforts of fraudsters. RCMP, undoubtedly, got involved because it was most likely requested by CMHC. I have, on several occasions, gone to major banks where there was fraud on deals that had either funded or not funded. There response was astonishing. They did nothing and did not want to hear about it.
  • Glen | 29 Sep 2010, 02:31 AM Agree 0
    Recent news in AB about BMO Bank fraud used the mortgage broker reference INCORRECTLY and it was only bank employees committing the fraud (so I understand from a former BMO employee)
  • Marisa Parise | 29 Sep 2010, 02:33 AM Agree 0
    I myself have seen and reported fraudulent activity in specific files and the banks were not interested in persuing the complaint, they simply closed one eye to it. As long as the mortgage did not go into default they were not concerned. A bank staff member actually committed the fraud and again the banks did not act on this complaint because it came from the 'broker industry'.
  • Marlon D'Addio | 29 Sep 2010, 02:33 AM Agree 0
    If the Lender was using Assyst Real Estate from TELUS Inc. the deal woul dhave never funded and the lender could have avoiding going into default. Too bad some people have to learn the hard way.
  • TOMM | 29 Sep 2010, 02:36 AM Agree 0
    Can someone explain to me how the lawyers are not also being held accountable. Is that not why they're there? Are they not suppose to vette the file AND the client? Clearly there is a break down in the system that allows these transactions to occur which will ultimately make it more difficult to get mortgages done. No one wins and everyone pays.
  • Glenn | 29 Sep 2010, 02:40 AM Agree 0
    So, it would appear that the individual charged in this case isn't licensed by FSCO - there's no trace of him - so he clearly works for a bank, trustco, or credit union. Yet more reason why we should all be regulated the same way - bank folks who call themselves mortgage "specialists" really drag down an industry where the rest of us are trying to raise the bar and become professional borrowing advisors.
  • Zoltan M Padar | 29 Sep 2010, 03:27 AM Agree 0
    Indeed, there are many Mortgage Brokerages and Brokers along Associates are being sued by BMO. I have seen the Court papers. Prodessionals bringing this kind of attitude, defrauding the unsuspecting public, should be banned to enter any other profession where to be dealing with the public. Of course besides a big fine and publication of their names all accross the media. Shame on all of you fraudsters, it takes to be a real professional to be honest and trustworthy.
  • Muky | 29 Sep 2010, 04:19 PM Agree 0
    I can understand why bank employees are doing these fraud deals, the banks aren't paying them much. But i don't understand why mortgage brokers are getting involved with this kind of fraud.

    In this industry, with a little bit of work, you can make a doctor's salary !!!
  • alex | 29 Sep 2010, 10:54 PM Agree 0
    agents and broker who not even brokers are in brampton are artifically increasing the price of the home. The real estate body that over see's agents and brokers must investage.There are more agents in bramton than listings and mtg brker that are not even lic brker. Sad we says T.O prices are high. no regulation . HEAD in THE SAND
  • Peter | 30 Sep 2010, 08:53 AM Agree 0
    I had experienced a good number of bad apples in this industry myself.
  • jonh | 01 Oct 2010, 04:42 AM Agree 0
  • jonh | 01 Oct 2010, 04:42 AM Agree 0
  • John | 01 Oct 2010, 07:52 PM Agree 0
    I back Marisa on her comments. I had a $700,000.00 deal worked out with Home Trust, it required the payout of a $125,000 LOC with ScotiaBank. We could not find any way around this. The next thing we know the client has the deal done with Scotiabank. The bank "paid out" the LOC and gave it back to him the next day. CMHC knows what happened but they will not move against a bank for ANY reason. Unfortunately for me, I had not submitted to Scotia as even when the LOC was paid they did not debt service so we cannot get a commission on this deal
  • CanadianMortgageAdvisor | 04 Oct 2010, 12:29 PM Agree 0
    We should be more careful when closing a deal. Sometime agents may get fooled by the clients too.
  • Tom MacDonald | 04 Oct 2010, 07:00 PM Agree 0
    Every business, government, charity, amateur sport associations etc etc. They can all be hit by fraud. Sadly it is just human nature. Some people are motivated by greed and will do whatever it takes to get ahead. To point a finger at one group whether it be lawyers, lenders or brokers is naive. There are bad apples in every group. The problem is when they are actually caught the punishment isn't enough to make others think twice about doing it themselves.
  • Paul | 06 Oct 2010, 03:42 AM Agree 0
    The reality in this situation is that the lender (Scotia) has done nothing wrong. There are no restrictions on the banks for the lending and if the client qualifies for the debt, they will lend the money. CMHC has no authority in these situations and cannot "move against" a bank. In this situation it is strictly the client at issue as they are in breach of their contractual agreement with Home Trust. HT would be within their rights to call the mortgage provided there registered terms clearly indicate that no second charge is allowed.
  • Mzapp | 07 Oct 2010, 07:14 AM Agree 0
    there is two side of the story i think it not nice to post this in every paper. we got the point.

  • terry | 07 Oct 2010, 12:10 PM Agree 0
  • Mortgage Broker Loan Officer | 09 Oct 2010, 01:13 AM Agree 0
    Nice site! I am loving it!! Will come back again ??taking you feeds also, Thanks.
  • joe | 11 Oct 2010, 10:09 AM Agree 0
    they are all scams
  • tom | 15 Oct 2010, 03:57 AM Agree 0
    Bank look at pointing finger there are scammers
  • Rocco | 15 Oct 2010, 07:15 AM Agree 0
    I think being Itaian makes news all the time
  • joe | 15 Oct 2010, 08:44 AM Agree 0
    I agree
  • I also agree | 15 Oct 2010, 09:50 PM Agree 0
    I also agree being Italian they want to put them down
  • sam | 16 Oct 2010, 04:50 AM Agree 0
    I agree
  • sam | 16 Oct 2010, 04:50 AM Agree 0
    I agree
  • sam | 16 Oct 2010, 04:50 AM Agree 0
    I agree
  • joe | 17 Oct 2010, 11:01 AM Agree 0
    I agree
  • Mina zapp | 20 Oct 2010, 12:15 AM Agree 0
    Sure i have no promblem using my name and i do agree with all the people there are 2 side of the stories and also just because you are italian they make a big issue and also they add all the this in different newpapers We got the point and just makes me sick how they put italian down Plus the only people who has there email address are the mortgage people so what is that telling you do they have something to hide with the Banks?
  • Mina zapp | 20 Oct 2010, 12:56 AM Agree 0
    Recent news in AB about BMO Bank fraud used the mortgage broker reference INCORRECTLY and it was only bank employees committing the fraud (so I understand from a former BMO employee) I also heard of this news AB about BMO
  • al and lu | 20 Oct 2010, 10:53 AM Agree 0
    your innoncent until proven guilty in a court of law. before making any comments you are innoccent in the court of law.
  • abotiatoevy | 02 Apr 2011, 11:17 AM Agree 0
  • Ron Johnson | 18 Dec 2013, 07:34 PM Agree 0
    You are innocent until proven guilty, but if you really are guilty, it's only a matter of time. The best way around getting busted for fraud is to just not commit it. -Ron Johnson |
  • Smith | 29 Dec 2013, 02:27 PM Agree 0
    Interesting how mortgage brokers in the comments section turned this into a bank bashing session. This story is about a BROKER who committed fraud! It never ceases to amaze me at how quickly brokers in Ontario deflect onto the banks. The fact of the matter is that fraud in Ontario in the broker community is out of control when compared to other regions. Broker = fraud.
  • Graham | 09 Jan 2014, 05:45 PM Agree 0
    Stuff like this is always too bad to hear. It seems sometimes that honesty and integrity are lacking in the world.
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