MORTGAGE FRAUD TRAINING. NAME – Regional Key Account Manager. Primary Objective of Todays Training.
NAME – Regional Key Account Manager
Help you to identify mortgage fraud in the course of your work as a mortgage adviser or administrator and avoid getting involved in it. This will, in turn, help you to avoid removal from a lenders panel or regulatory action by FCA .
Individuals painting a false picture of their personal circumstances on an application form. Most commonly involving scheme manipulation, giving false information about their employment status or attempting to hide a poor credit history.
Residential applications that are actually buy to let
Scheme Manipulation is very common
Lenders regard this as a serious issue
Can lead to a firm being removed from panelScheme Manipulation
Is it job change, do they work for a national company? Or is it their real intention to let property?
Couples who separate, reconcile & separate again
Lives/works in one area & moves other part of UK
Client with large number of BTL wants residential
Let to Buy requires additional caution/checksScheme Manipulation Indicators
Misrepresentations will often lead to case decline
Insist on full disclosure
Don’t underwrite case yourself – full disclosure !!
Bad outcome affects your lender quality metricsCredit History
Is how customer has accumulated source plausible
FCA/Lenders want firms to establish source of deposit
Have funds been amassed legitamely
Lenders will focus more on this under MMRProof of Deposit/Source of funds