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13 April 2006
The Financial Services Authority (FSA) has teamed up with mortgage lenders to set up a streamlined reporting system to tackle mortgage lending fraud.
Designed to combat fraud involving loan applications which are handled through mortgage intermediaries, the initiative has been successfully piloted with a number of lenders and the FSA is now inviting all lenders to take part.
"We welcome and support this new, co-ordinated approach to collecting information on fraud. We hope that it will make it easier for the FSA to identify systematic suspicion and act quickly upon it," said Michael Coogan, director general of the Council of Mortgage Lenders.
Examples of mortgage fraud include the use of fraudulent documentation such as bank statements and utility bills by applicants and inconsistent information related to the same applicant.
Following the announcement of the new system, the Association of Mortgage Intermediaries has updated its factsheet on Fraud Prevention, giving firms tips and advice on how to reduce levels of fraud.
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