Four mortgage intermediary firms have been referred for possible enforcement action following the launch of a fraud reporting system between mortgage lenders and the Financial Services Authority (FSA).
The initiative, which has the support of the Council of Mortgage Lenders (CML), is designed to reduce the level of fraud involving loan applications handled through mortgage intermediaries. It has been successfully piloted with several lenders and the FSA is now inviting all lenders to take part. The regulator is interested in fraudulent mortgage applications where the lender considers the matter sufficiently serious to remove the intermediary from their panel or where a subsequent investigation identifies fraud. It would like lenders to supply the following information: The n...
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