Mis-sold Mortgage Claims > Mortgage News
Mortgage fraud report angers brokers
Wed, 09 Mar 2011
A recently published report published by fraud prevention service Credit Industry Fraud Avoidance System (CIFAS) has angered many brokers who believe it is not representative of the sector today.

It reports that 69 per cent of all mortgage fraud cases were introduced by mortgage brokers in 2010. This figure is disputed by some industry experts who also argue that there are many cases of mortgage fraud committed by brokers who have left the industry.

One commented. "It is clear that any mortgage fraud is likely to be committed by a mortgage broker albeit possibly a lenders . This headline report damages the reputation of those who have worked hard to remain in the sector and who offer excellent services to borrowers."

CIFAS says it is not surprised that mortgage brokers introduce the majority of fraudulent cases because most of their work is carried out over long distances and therefore makes it difficult to identify fraudulent applications. This has led to accusations by some, that mortgage advice carried out over the telephone is now questionable.

Many examples of how mortgages have been mis-sold are used within the report, these are typical of many reported cases by the Financial Services Authority (FSA) who has banned and fined culprits.
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