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Top industry exec takes on mortgage fraud

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Australian Broker | 31 Jan 2014, 06:00 AM Agree 0
A founding director of a top mortgage management company has announced his latest venture designed to stamp out mortgage fraud.
  • Old Joe | 31 Jan 2014, 10:25 AM Agree 0
    Great news , how about checking docs that go through the Bank channel... isnt that where all the fraud occurs.
  • Mic | 07 Mar 2014, 05:09 AM Agree 0
    Fraud is fulfilled by the bank regardless of docs coming thru- it is the banks responsibility to verify income and affordability !!
  • Denise Brailey BFCSA (Inc) | 07 Mar 2014, 12:26 PM Agree 0
    Yes Mic spot on: the Fraud and income fudging is via the Bank Assessment Teams using a different NSR % on their version at 1.1. Broker version is 1.479 Its the service calculator that causes the fudged income figures. Banks invented it. Fraud is internal to the lender's processing. Why? It generates mass profits.
    Your clients should ask the Bank for its file copies of client file. be prepared for mass shock. We have seen thousands of these.
  • Papery | 08 Mar 2014, 12:33 PM Agree 0
    Its a bit funny.....when the Bank assessors actually help work a deal towards an approval its called fraud....when they decline its called risk aversion.
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