FORMS & WORKSHEETS
TOOLS & RESOURCES
FIRST-TIME HOME BUYERS
Mortgage fraud can be defined as any material misrepresentation on a loan application that influences a mortgage lender to approve an application that would have otherwise been underwritten differently, or even declined. This includes intentionally withholding information that should have been disclosed to a mortgage originator.
Mortgage fraud is becoming a growing concern to all in the residential mortgage business as well as the general public. Increased awareness and vigilance through ongoing training of mortgage professionals and stakeholders is viewed by Canada Guaranty as key in stemming the problem at origination.
Mortgage fraud affects consumers, communities and the lending industry in various ways, with costly results for everyone – except the perpetrators of the crime. Knowing what mortgage fraud is, how it works and how to recognize it is necessary for its prevention. This places more emphasis on the consistency of information supplied to mortgage originators than ever before.
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SALE & PURCHASE AGREEMENTS
Upon discovery, all instances of mortgage fraud or misrepresentation should be reported to Canada Guaranty. Through ongoing discussion and the sharing of critical information, we are committed to working with our industry partners to combat this growing problem. If you require more information about the prevention of mortgage fraud or feel you and your team would benefit from additional training on mortgage fraud awareness and prevention, please contact your local Canada Guaranty Account Executive.
All fraud tips and reports may be e-mailed to: firstname.lastname@example.org
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