Trending
A red, white, and black flag with a white background.

Mortgage fraud risk highlighted in new campaign

A man writing on a piece of paper in front of a laptop.

The potential risk of mortgage fraud is being highlighted by an industry body as Fraud Prevention Month gets underway.

The Mortgage Broker Regulators’ Council of Canada (MBRCC) is promoting consumer protection from mortgage fraud, including how to spot it and how to report it.

It ties in with the month-long fraud awareness campaign led by the Competition Bureau of Canada and will highlight the practices adopted by mortgage brokers to protect consumers.

“We conducted a jurisdictional scan of current anti-fraud strategies and consulted key stakeholders regarding MBRCC’s role in combating mortgage fraud,” explains Charles Stevenson, Chair of MBRCC’s Mortgage Fraud committee and Registrar of the Real Estate Council of Alberta. “What we learned was that there is a need for anti-fraud information that is applicable to every Canadian mortgage customer and mortgage broker, regardless of the specific legislation that governs mortgage brokering in their province or territory.”

MBRCC has made information available on its website for both consumers and mortgage brokers to help identify the risks. For brokers there is also information about responsibilities to prevent mortgage fraud, an anti-fraud checklist, and the consequences of fraud.

“The enhancement of consumer protection is an important strategic priority for the MBRCC,” says Alaina Nicholson, Chair of the MBRCC and Director of Consumer Affairs at the Financial and Consumer Services Commission of New Brunswick. “This new release is part of our commitment to promoting a common regulatory approach and consistent standards for mortgage brokers.”

About the Author

Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand. LinkedIn | Email

Post a Comment

Related Articles

On March 21, 2024, Immigration, Refugees and Citizenship Canada made an announcement regarding temporary residents. While recognizing the contribution to Canada that immigration provides, a...

Significant legislative changes to short-term rentals in BC are coming into effect on May 1, 2024. The Short-Term Rental Accommodations Act, which gained royal assent...

Most Trending News

On March 21, 2024, Immigration, Refugees and Citizenship Canada made an announcement regarding temporary residents. While recognizing the contribution to Canada that immigration provides, a...

Significant legislative changes to short-term rentals in BC are coming into effect on May 1, 2024. The Short-Term Rental Accommodations Act, which gained royal assent...

The Metro Detroit area is diverse and dynamic, and offers real estate investment opportunities to match. With its unique mix of affordability, growth potential, and...