Numerous lenders have been told to remain vigilant and to stay alert due to the many different ways of committing mortgage fraud.
The the Council of Mortgage Lenders (CML) sent out the warning after the fining of Michael Lewis, a mortgage broker, by the Financial Services Authority last week. Michael Lewis was fined £106,000 and banned from practice due to his illicit behaviour.
The warning alerted firms that there are now numerous different ways that criminal have and can develop in order to overcome the usual protection strategies which lenders have previously thought were sufficient precautions.
CML have urged lenders to give criminal development a high priority and to continuously review their ways of protecting against it.
Mis-sold Mortgage Claims > Mortgage News
Lenders warned to stay alert due to the new means of mortgage fraud
Wed, 17 Aug 2011
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