Crime of the Week: Mortgage Fraud
Crime Stoppers and the Financial and Consumer Services Commission (FCNB) are seeking the public’s help to identify potential mortgage fraud in New Brunswick. The licensing and regulation of mortgage brokers is a new area for (FCNB).
Mortgage fraud occurs when someone deliberately misrepresent information in a mortgage application. This can include:
- Encouraging someone to give false employment details, such as inflating income or length of service at a job.
- Counselling someone to misrepresent the amount of a down payment or where the payment came from.
- Falsifying property details or omitting information in order to inflate the property value.
- Conning homeowners in financial difficulty that are at risk of foreclosure into signing over title of their property.
- Identity theft that results in second mortgages, property sales, or land transfers.
- Counselling a person to apply for a mortgage on someone else’s behalf.
The FCNB has resources to investigate and stop potential mortgage fraud; visit www.fcnb.ca to learn more. If you know of someone who you believe has been a victim, or may be committing, mortgage fraud, and you would like to report your concerns but wish to remain anonymous please contact Crime Stoppers by calling 1-800-222-TIPS (8477), texting TIP212 + your message to ‘CRIMES’ (274637), or by Secure Web Tips. Crime Stoppers will pay up to $2,000 for information leading to an arrest.