Mortgage fraud may sound like it only happens in crime movies but it’s actually happening in real life. In fact one in four mortgage brokers have experienced mortgage fraud in the past five years according to a sample poll conducted by The Adviser. Mortgage brokers and lenders alike must educate themselves to stay ahead of the game and to stay vigilant at all times.
These days, brokers and borrowers have had the ease of identifying documents via online tools when submitting documents. These types of tools are advanced and sophisticated to cater to many different users with user-friendly online tools that are beneficial for both parties. However, with great sophistication, come more fraudulent activities. The more advanced and sophisticated technology becomes, the more ways for thieves and fraudsters to access sensitive information to commit mortgage fraud and other criminal activities.
Brokers must take the threat of mortgage fraud more seriously because it can be extremely devastating for his or her business. They can lose their accreditation, get banned by ASIC, become uninsurable and eventually have personal bankruptcy in the end. This is a very serious matter to be taken lightly at all. Brokers must beware the effects they might face after they get bamboozled into a mortgage fraud.
Preventing Mortgage Fraud
The best any lender or broker can do is to stay ahead of all technological advancements in their field. Educating yourself and being constantly vigilant about technological sophistications and being on top of any news can be helpful in preventing any mortgage fraud from occurring. Mortgage broking involves a lot of talking and paperwork so brokers need to verify every single detail of the process. Fraudsters can trick you into thinking they are genuine and trustworthy that most brokers are always surprised after they get hoodwinked.
Lenders and brokers must protect themselves against the threat of mortgage fraud and other criminal activities. Even with the most advanced and sophisticated online verification tools, fake documents can still slip through the cracks without anyone knowing until it is too late. Unless the broker can create a foolproof tool with 110% scam preventing firewalls, one can only try to stay ahead of the game by educating themself and staying up to date with any news in their sector.
Brokers at NSW Mortgage Corp
At NSW Mortgage Corp, we have our own comprehensive procedures for verifying sensitive personal information to prevent any fraudulent activities to occur. To find out more about how we take care of personal information, contact us today on 1300 137 778 or filling out our enquiry form. We practice excellent customer satisfaction so rest assured we will get back to you shortly after you enquire with us.
