Mortgages designed for Life
Mortgage Calculator

Mortgage Calculator

You can enter a loan amount and find out what your estimated monthly payments would be...

House Price
Down Payment
Interest Rate
%
Term Length
years
your payment is:

or enter the amount you want to pay per month and find out what size of mortgage you can afford.

Monthly Budget
Interest Rate
%
Term Length
years
 
 
mortgage amount:

Mortgage Fraud in Canada has Increased

 Mortgage fraud in Canada has increased by a staggering 50% in recent years, according to Equifax.

 

While accounting for only 13% of attempted frauds in 2011, mortgage fraud was responsible for two-thirds, or $400 million, of the estimated dollar amount of financial fraud in Canada. According to John Russo, Vice President of Equifax, that number jumped to $600 million in 2012.

 

First party mortgage fraud – whereby an applicant misrepresents their financial circumstances by getting creative with a pay stub, job letter or notice of assessment – is surprisingly common these days. In 2012 it made up the majority of the $1.6 million-a-day in attempted mortgage fraud. And the Internet is an enabler. Questionable websites do everything from creating paystubs to “reworking” T4s and notices of assessment.

 

Last month I overheard a conversation where somebody openly admitted to forging his employment documents. He then arranged for a friend to act as his employer when the lender called to verify employment details.

 

Click here to read the full story from CanadianMortgageTrends.com.

 

Back to News

Archives

2014 [34] 2013 [62]
December [14] November [5] October [5] September [4] August [3] July [6] June [1] May [6] April [2] March [5] February [3] January [8]
2012 [83] 2011 [148] 2010 [88]