As a mortgage broker it is essential you have enough controls in place to prevent your firm being used to commit fraud. Find out what you should report.
Remember, you are responsible for reporting any wider suspicions of fraudulent activity, or examples of poor practices resulting in potential fraud you have noticed. This is in addition to your statutory duty to report suspicious activity.
What to report
The following are examples of what you should report:
- Instances when it has come to your attention (for example, during discussions with clients) that other brokers have been:
- Encouraging applicants to inflate their income or provide false employment details on mortgage applications.
- Offering clients access to false documents to support mortgage applications (such as bank statements, utility bills, wage slips, accountant references or passports).
- Concerns about a lender's Business Development Manager (BDM) – such as if they encourage you to favour certain products which may not be suitable, or to manipulate client details to fit criteria.
What to include in your report
Please send us as much information as possible – we will treat everything you give us as strictly confidential.
To help, we’ve created a reporting document that you may want to use.
Information from brokers - reporting document[2]
Email your report and any attachments to [email protected].
In the subject line, put ‘Information from Broker – Mortgage Intelligence’.