New scheme launched to tackle mortgage fraud
www.moneynews.co.uk > Mortgages > New scheme launched to tackle mortgage fraud
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Money News |
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New scheme launched to tackle mortgage fraud
Thu 1st Sep 2011
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In a partnership between the Council of Mortgage Lenders (CML), HM Revenue and Customs (HMRC) and the Building Societies Association (BSA), the Mortgage Verification scheme was originally announced in March 2010 but has been refined following a successful pilot period.
The National Fraud Authority estimated that mortgage scams cost the UK £1 billion last year.
By allowing lenders, when suspecting foul play in their review of mortgage applications, to electronically send relevant details to HMRC, it is hoped that the cost of mortgage swindles will be reduced.
"Lenders have found during the pilot that the scheme has been very useful in helping them to lend responsibly," commented CML director general Paul Smee.
The BSA's director general Adrian Coles added that mortgage fraud is a cost to the industry as well as homeowners, "so this scheme benefits both lenders and consumers alike".
Product sales data published by the Financial Services Authority yesterday revealed how large banking institutions accounted for a substantial 83 per cent of lenders on the market from April 2010 to March 2011, while building societies and credit unions accounted for 8.6 per cent.
Click here for more mortgages news
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