mortgage fraud

The FSA has fined and banned a Bolton-based mortgage and insurance broker after discovering he had no relevant financial qualifications or experience.

Mortgage fraud accounted for 18% of all reported fraud last year, according to research from accountants and business advisers BDO.

The FSA has fined County Down mortgage intermediary Case Funding Centre (CFC) £35,000 for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders.

The Financial Services Compensation Scheme (FSCS) has declared three mortgage and general insurance intermediaries in default, meaning affected customers can now start compensation claims.

The FSA has banned a mortgage broker for "wide-ranging management and control problems" and breaching TCF rules.

The FSA has banned mortgage broker Rashid Farid following his jail sentence earlier in the year for conspiring to commit fraud.

The FSA has banned East London based mortgage broker, Ayodele Olubunmi Thomas, for knowingly submitting false and misleading information about his income to obtain mortgages and loan advances.

The FSA has banned Hornchurch-based mortgage broker Abdul Karim for submitting a mortgage application for himself that was based on false information about his income.

Mortgage fraud losses in the UK now run to "hundreds of millions of pounds", according to a new report out today.

The FSA is calling on the mortgage broker community to help it tackle mortgage fraud.