By The Canadian Press VANCOUVER � Runaway housing prices and a highly competitive mortgage industry are contributing to a growing problem with mortgage fraud across the country, experts say. But it�s a complex issue and one lenders don�t really want to talk about. 'Mortgage fraud is a problem, and I don�t think anybody can deny it,' said Ken Fraser, executive director of investigations for B.C.�s Financial Institutions Commission, which investigates fraud complaints involving mortgage brokers and real-estate agents. 'A lot of figures have been bandied back and forth over the years about the degree of it, but I don�t think anybody has a figure on it. It is definitely escalating.' Mortgage fraud is any act that convinces a lender to grant a mortgage that would have been rejected if the truth were known. For instance, providing a letter of employment listing an inflated salary, or a note from a relative confirming a gift toward the down payment on a purchase when the money
StratfordMortgageBroker.ca - Mortgage Wellness Subscribe to this News Feed