Tag: Mortgage Fraud
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CQS Mortgage And Property Fraud Prevention Policy November ' 2023 Update
Lexsure’s November CQS Core Practice Management monthly update included suggested changes to a firm’s Mortgage And Property Fraud Prevention Policy One of the drafted paragraphs relates to Unencumbered Property. This imported addition or new section emphasises the need to pay careful attention to transactions where the property is unencumbered. Firms may wish to adapt their onboarding or…
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The paradox of lender prejudice against sole practitioners
The most common reason given by lenders to remove sole practitioners or high street practices from their panel is that they are compelled to take a more restrictive approach to their selection process all in the name of their ongoing battle to combat mortgage fraud. The irony of the aforementioned rationale is that the exclusion…
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Prevention of Property Fraud
The rise in mortgage and property fraud in the UK has necessitated greater public awareness to prevent scams. Two main types of fraud include schemes involving straw buyers, who unknowingly lend their identities, and property flipping, where false valuations inflate property prices. Conveyancing solicitors must remain vigilant to avoid complicity in such crimes.
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Mortgage Fraud Booming Like Never Before
BDO, has come up with some frightening figures on mortgage fraud, against a backdrop of soaring UK losses to fraud in 2009 (over £2 billion) across all sectors. It predicts worse to come. In 2009, mortgage fraud accounted for 18% of all reported fraud and 27% of fraud in the UK finance and insurance sector.…