Mis-sold Mortgage Claims > Mortgage News
Mortgage fraud requires specialist teams
Tue, 26 Jul 2011
The FSA have announced that they are short of experienced staff to help counter fraud.

During the Financial Crime Conference a few months ago in June, the FSA announced the publication of numerous reports to help tackle illegal and fraudulent financial activity.

These publications included a report on financial crime and mortgage fraud against lenders.

Even though the FSA declared that they have made progress in tackling mortgage fraud over the past few years but there are still numerous weaknesses and issues that need to be resolved.

However, even though the report does not contain specific rules it does contain guidance and examples of good and poor practices. It would certainly take a brave lender to ignore these reports.

Hopefully these reports will help to bring down the cost of mortgage fraud in the UK which is at the moment in the region of £1billion, according the National Fraud Authority.

It seems specialist teams are required in order to counter mortgage fraud at all stages of the application process. These teams would include staff who would upload applications onto lenders systems as well as underwriters, who make critical lending decisions. However, these members of staff will need to be experienced and supported by effective systems of control and fully engaged senior management.
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