Introduction
The credit crunch has highlighted a huge rise in mortgage application fraud as the number of fraudulent borrowers soars. In a recent review of lenders and brokers, the FSA discovered that in a third of cases, checks on ability to repay the mortgage were ‘inadequate’ and have warned that lenders must do more to combat fraud. This should strike fear into the hearts of brokers, lenders, legal advisers and any other professionals involved in recent property transactions to ensure that they have taken all adequate steps to protect their clients from mortgage fraud. Failure to do so could manifest itself in a plethora of claims against professional indemnity insurers. Read more >>
