Mis-sold Mortgage Claims > Mortgage News
CML warns about mortgage fraud
Thu, 30 Jun 2011
Mortgage customers might find that they are subjected to more stringent checks after the latest comments from the Council of Mortgage Lenders (CML).

The organisation used its recent News &Views newsletter to urge its members to be aware of mortgage fraud and do all they can to limit its prevalence in the UK market .

It noted that the crime can range from everyday borrowers exaggerating the extent of their income in order to achieve a bigger loan, to organised criminal syndicates operating with the assistance of corrupt valuers and intermediaries .

The CML suggested that in theory, lenders should already be clamping down on such scenarios in order to protect their own interests.

However, with many UK firms trying to attract new clients and grow their businesses at the moment, it seems likely that some cases might pass under the radar.

The CML advised senior managers to address the issue and use the information available to them.

It also said lenders should realise how useful it is to share information between themselves and other industry professionals in order to identify any potential wrongdoing.

In other news, the Scottish government has agreed to commit funds to the development of a mortgage indemnity scheme for new build properties north of the border.
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