The Fight Against Mortgage Fraud: What’s Happening?
Canadians are generally content and often stick to the status quo, a trait that has served us well during economic challenges like the 2008 financial crisis. However, with mortgage fraud soaring by 52% in recent years, complacency is no longer an option. The Reality of Mortgage Fraud The mortgage application and approval process in Canada has become increasingly complex due to policy changes and new regulations designed to protect homebuyers. Despite these changes, the susceptibility to mortgage fraud has remained largely unchanged. The structure of the Canadian mortgage system makes it easy for fraudsters to exploit. The process heavily relies on information and documents provided by borrowers, creating an easy entry point for fraud. A major question is why lenders don’t obtain information directly from the relevant sources. A simple solution would be to require information to come exclusively from verified sources. https://original.newsbreak.com/@haywood-hunt-1590306/3489415276233-