Is Mortgage Fraud on the Rise in Ontario? What Lenders Need to Know
In a recent Equifax survey, 53% of consumers indicated that mortgage fraud was a growing problem in Canada.
Also, it is a common perception that Ontario has significantly higher mortgage fraud numbers than other provinces.
One reason for high mortgage fraud numbers, in Ontario, is that the province’s housing market is very difficult to crack into, especially for first-time homebuyers.
Homes are increasingly becoming pricier and mortgage rules are becoming tighter. This is why some buyers may intentionally be misrepresenting information.
Though, there is a technology that can help you vet the applications and easily identify these red flags.
Learn how you can leverage Purview AVM to identify mortgage fraud: https://www.purview.ca/is-ontario-an-epicentre-for-mortgage-fraud-what-lenders-need-to-know-about-how-to-deal-with-mortgage-fraud/