Canadian Mortgage Hangout Fraud Prevention Special

The Canadian Mortgage Hangout is LIVE ON AIR every week at 10am PST/1pm EST on the interwebs at canadianmortgagehangout.tv - consider making us part of your weekly routine, we walk a fine line, balancing entertainment, education and erroneous behavior... you could say those are the 3 Es of the #cmhTV - or not...

Summary

On this weeks episode of the Canadian Mortgage Hangout, we feature renowned Fraud Prevention Expert Jeremy Nicholls from the Servus Credit Union. Jeremy brings many years of experience to the fight against "white collar crime" and shares his passion to prevent money form getting into the hands of criminal organizations. Although the focus of this episode of #cmhTV was to educate brokers on what to watch out for, Jeremy shares in a way that is relevant for any audience. If there is one episode of #cmhTV you will watch in its entirety, make it this one!

Contributors

Gord McCallum - "The Moderate Moderator" - @gordmccallum
Scott Dawson - "Bringing Class to the Conversation" - @sdd
Jackson Middleton - "Finding a Work/Life Balance" - @kiltedbroker
Jeremy Nicholls - "Fraud Prevention Boss" - @fraud_info

Quotes & Highlights

• "Any untold truth basically is a mortgage fraud"
• "There are 2 kinds of mortgage fraud, fraud for shelter and/or fraud for profit"
• "On most mortgage applications, there is some form of mortgage fraud"
• "Desperation is the biggest driver behind mortgage fraud"
• "Mortgage fraud is big money, big business, and a relatively low risk endeavor"
  

"When we lose money through fraud to bad people, bad people do bad things with that cash"

• Banks have the ability to share information about fraudulent applications, the broker channel does not have a system in place.
• Verifying identification of applicants is probably the best way to protect yourself (brokers) against mortgage fraud.
• Having a good standard practice of asking strong questions and taking good notes can help protect you (broker) in the event of mortgage fraud.

At First Foundation, we take our responsibility to protect the public against mortgage fraud very seriously. If you have any questions about this, please feel free to:

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