Mortgage fraud continues to be a problem across Canada, particularly as reports of money laundering increasing in the country come in.
While some provinces, such as British Columbia, are introducing legislature to combat fraud, there are also due diligence methods that mortgage and financial professionals can take on their own.
“It starts with a T and ends with a T,” Ontario Real Estate Association CEO Tim Hudak said recently at the Teranet Market Insight Forum, referencing a solution for combatting mortgage fraud.
“Teranet already collects foreign ownership data. … It has an exemplary reputation and is a fantastic example of public-private partnership.”
On the Purview blog, we are exploring other solutions to mortgage fraud, including Teranet’s data insights. Read it here: https://www.purview.ca/battle-mortgage-fraud-in-one-click/