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Mortgage Broker News | 07 Dec 2017, 08:15 AM Agree 0
The new mortgage rules—not to mention the rising cost of housing—may prompt more borrowers to forge documentation so that they can qualify in the A channel
  • KJL | 07 Dec 2017, 09:15 AM Agree 0
    Fraud .. Then lets deal with the culprits. A small group of individuals took Home Trust down and now we see Laurentian with issues. I would doubt same type of broker creating these types of deals. I sat at a luncheon a short time ago where the brokerage rewarded top individuals. 2 specific agents were cut off for fraud , the two lenders did not pursue and the brokerage took the stand if there was no losses, then they too will not pursue. Really ..... OFSI,FSO and our 2 mortgage committees, need to take a stand and remove these individuals from our industry. Yes 2018 will be tougher and if we do not start clamping down now .. Trouble is on the horizon ...
  • Mortgage Guy | 07 Dec 2017, 10:22 AM Agree 0
    It is extremely hard to commit fraud on the broker side because lenders ask for so many docs. The Bankside is totally different, I can see people still buying homes they could afford but don't show the income, but due to guidelines, they are forced to commit fraud to get it approved. According to CMHC, the default rate remains low and getting lower.
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