Over time, mortgage fraud cases in Canada have increased. While some customers intentionally misrepresent information, others may not even be aware that they’ve committed fraud.
The COVID-19 pandemic has negatively affected the financial standing of many individuals. While temporary relief measures like the Canada Emergency Response Benefit (CERB) and mortgage deferrals were cushioning the blow to some Canadian families, they’ve now come to an end.
This means that many households in the country will very soon be faced with difficult financial decisions and may misunderstand or misrepresent their financial information.
This creates a tricky situation for mortgage professionals.
It is easy to miss some cases when it comes to fraud, especially when updated information isn’t readily available, and you are working with a huge volume of applications.
Not to worry!
There are technology solutions, like AVM, that can help. By integrating AVMs in your operations, you can not only identify fraud at an earlier stage but also find ways to resolve issues faster.
Learn more on the Purview blog: https://www.purview.ca/mortgage-fraud-or-innocent-oversights/
