MMR should reduce mortgage fraud | News | Mortgage Strategy

MMR should reduce mortgage fraud | News | Mortgage Strategy:

'via Blog this'

The Financial Services Authority says the Mortgage Market Review should lower mortgage fraud because lenders will be responsible for carrying out more checks on the mortgage application.

When questioned by Treasury Select Committee member Teresa Pearce today about the MMR, Martin Wheatley, managing director of the Conduct Business Unit at the FSA, told her: “We are requiring lenders to take responsibility.

“In the past they relied on third parties and agents to carry out checks, we are now putting the obligation back onto lenders and that should allow them to carry out better checks against potential fraud.”