This month, Purview kicks off Fraud Awareness Month. Every
June, we will dedicate our social media to releasing useful information about
how you can identify fraud – identifying fraud and becoming aware of fraud is
your first step towards preventing and combating it.
The challenge with fraud in the mortgage industry is that it
occurs every day and often folks committing it don’t even realize it is fraud.
This Law Society of Upper Canada study estimates that
mortgage fraud alone costs lenders and insurers millions if not billions
annually: http://www.lsuc.on.ca/media/convmar05mortgagefraud.pdf.
Reducing the trickle down cost/effect will mean working
together to mitigate fraud by thoroughly educating ourselves about how we can
identify it.
Does this mean calling 911 every time you are presented with
a bogus paystub or a customer overstates a value? No. But at a minimum it enables
you to pass on a deal that could be an issue for your lender and even make them
aware of it so that they can protect themselves.
Look forward to many blogs covering different types of fraud
and current resources and tools that are available to you.
Purview For Mortgage Brokers is committed to working towards
a fraud free mortgage industry. Call us for more info: 1.855.787.8439.
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