Increased Attention To Mortgage Fraud A Positive Move

 

Legal action against those who participate in mortgage fraud has seen an increase, a positive move according to property expert, Bernard Clarke. 

The spokesman for the Council of Mortgage Lenders asserted that the steps being taken to tackle mortgage fraud are integral to helping preserve the reliability of the market.
A recent report by Experian showed that cases of those trying to engage in mortgage fraud increased 7% quarter-on-quarter in the initial three months of 2011. 34 in 10, 000 requests were revealed as fraudulent during the first quarter, a figure which is the second highest ever recorded.

Bernard Clarke found it tricky to explain why such an increase has taken place, but stated that lenders are very much responsive and aware of the fact mortgages are a popular target for those looking to benefit from fraud.

He went on to say "the encouraging thing is that, while it is interpreted as an increase in activity by criminals, in fact it is an increase in the number of cases that have been uncovered.” This suggests, he continued, that lenders will need to continue monitoring this issue, taking a no prisoners approach to the increasing popularity of mortgage fraud in organised crime.


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