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Paradigm launches mortgage fraud guide for advisers

Paradigm Mortgage Services has launched a free eBook to help intermediary firms to identify and combat mortgage fraud.

The guide – which was produced in conjunction with regulatory consultancy provider, Paradigm Consulting – offers a wealth of information on how to spot potential fraud and prepare the business to take action.

It also reviews how advisers and firms can ensure they are taking the necessary precautions to stop mortgage fraud, including a range of online tools and services which should help distinguish potential attempts to defraud.

“Both Paradigm Consulting and Paradigm Mortgage Services are always looking for new ways to support the intermediary market, hence why we have produced this free eBook and developed the File Review service, making both of these available to all advisers and firms,” says David Ryder, head of proposition at Paradigm Consulting.

“The large sums of money involved in the mortgage process mean that it is always going to be a target for criminals, but we believe that better education, greater knowledge levels, and a commitment to using technology and sharing information between organisations, will help ensure we keep this to the bare minimum.”

The eBook covers the following areas:

  • The most common types of fraud in the mortgage marketplace
  • The typical characteristics shown by customers who may be committing fraud
  • What to look out for on documentation provided by the fraudster – payslips and bank statements
  • Other areas of fraud in the financial services industry
  • Prevention – available tools that can help firms combat fraud without too much expense

In addition, Paradigm Consulting is launching a new Fraud File Review Service, that will analyse a selected number of files that firm may consider a risk, or where they may have received a decline letter from a lender due to inconsistencies.

The service could also play a significant part in helping the firm to form an appeal against any removal from a lender panel.

Christine Newell, mortgages technical director at Paradigm Mortgage Services, comments: “While the number of, what we might call, intermediary fraud ‘successes’ are very low, such attempts are constantly being made and there is no indication that fraudsters are going to stop trying to commit these crimes.”

“It is therefore vitally important that advisory firms are constantly vigilant about the ways and means fraudsters use, how they can recognise potential fraud, and what they can do to combat it.”

She adds: “Mortgage fraud can have a devastating impact on all stakeholders and we hope all advisers take the time to read this eBook, and where they feel it is worthwhile, take advantage of Paradigm’s new Fraud File Review Service, to ensure they are doing all they can to meet this ongoing challenge.”

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