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MORTGAGE FRAUD TRAINING

MORTGAGE FRAUD TRAINING. NAME – Regional Key Account Manager. Primary Objective of Todays Training.

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MORTGAGE FRAUD TRAINING

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  1. MORTGAGE FRAUD TRAINING NAME – Regional Key Account Manager

  2. Primary Objective of Todays Training Help you to identify mortgage fraud in the course of your work as a mortgage adviser or administrator and avoid getting involved in it. This will, in turn, help you to avoid removal from a lenders panel or regulatory action by FCA .

  3. Please read carefully– It could save your career Business Owners have responsibilities You will receive a full hand out from today Advisers also have responsibilities Conduct business with due skill care and diligence Mortgage Fraud & How To Avoid It

  4. Havein place adequate risk management systems Firm not to be vehicle for financial crime Organise/control affairs responsibly and effectively Fraudulent Mtg - Value represents proceeds of crime Lenders/FCA interview firm owners & “touch points” Legal & Regulatory Responsibilities

  5. Mortgage fraud for Property - Individuals Mortgage Fraud for Profit - Gangs/Rings. 2 types of mortgage fraud We will focus on individual Handout covers fraud rings Mortgage Fraud & How To Avoid It

  6. The FCA letter you never want to receive Honest advisers can get caught out If things go pear shaped………… Lenders tend to shoot first and ask questions later Watford Woe Mortgage Fraud & How To Avoid It

  7. KNOW YOUR CLIENT THINK LIKE AN UNDERWRITER DUE DILIGENCE GIVE YOURSELF A MANDATE Non Face to Face is higher area of risk What’s The Key Driver Throughout

  8. The Most Common Type of Fraud Individuals painting a false picture of their personal circumstances on an application form. Most commonly involving scheme manipulation, giving false information about their employment status or attempting to hide a poor credit history.

  9. Buy to let applications that are actually residential Residential applications that are actually buy to let Scheme Manipulation is very common Lenders regard this as a serious issue Can lead to a firm being removed from panel Scheme Manipulation

  10. Is it job change, do they work for a national company? Or is it their real intention to let property? Couples who separate, reconcile & separate again Lives/works in one area & moves other part of UK Client with large number of BTL wants residential Let to Buy requires additional caution/checks Scheme Manipulation Indicators

  11. False payslips False references Inflated Income “Family References” Misrepresentation to obtain higher loan than entitled to Manipulation of Income

  12. Check on Google Aretelephonenumber & address same as client gave Does Company Exist Basic pay exactly £25k – Round figures are unusual ! Low Employee Numbers – Very low usually founders Payslips

  13. If payslip electronic then probably ok If post, unlikely to be pristine condition Payslip is 6 months old but looks newly printed Don’t accept copies, they are much easier to forge Check font sizes Payslips

  14. Number of websites offering replacement payslips Bonuses that are the same each quarter Tear open payslips - look like haven’t ever been sealed Could be genuine but worth investigation Can be difficult to spot – Remember key is due diligence Payslips

  15. Are the transactions printed in line, same font Examine transactions to see if matches application data Check BACS payments match date/amounts on payslip Look for things like child benefit payments Are the transactions in the area they are buying Bank Statements

  16. Tell client lenders carry out sophisticated checks Misrepresentations will often lead to case decline Insist on full disclosure Don’t underwrite case yourself – full disclosure !! Bad outcome affects your lender quality metrics Credit History

  17. If savings, Plausible? - Age, occupation, commitments Is how customer has accumulated source plausible FCA/Lenders want firms to establish source of deposit Have funds been amassed legitamely Lenders will focus more on this under MMR Proof of Deposit/Source of funds

  18. Property sold between 2 members of same family Be wary of new or unknown introducers Exercise caution if client changes solicitor Could be introducer removed from a lender panel Due diligence/introducer agreement essential Miscellaneous

  19. You must carry out DUE DILIGENCE & Record It Think like an underwriter Radar On Full Alert - Additional checks as needed If in any doubt, refer to your Principal Take time to read full document Summary

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