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Mortgage Expo: Advisers say self-cert/fast-track fraud is rife

Mortgage advisers have hit out at self-certification and fast-track mortgages today at the Mortgage Business Expo declaring they are rife with fraud.

In a question and answer session following FSA head of financial crime policy and intelligence Bob Ferguson’s speech, several advisers said they believed mortgage fraud was rife in the self-certification and fast-track sectors of the UK mortgage market.

One adviser said: “I have had experiences where I haven’t been able to help somebody and then I subsequently find out that they’ve done something with another lender. This has led me to believe that they’ve perhaps done something that they shouldn’t have done with regards to fast-track.”

Another adviser said: “Lenders have to take a lot of responsibility for it. Their opinion, as with a lot of things, they give you the tools to do it then deny responsibility for it. A bit like giving somebody a gun to rob a bank and then saying it’s not our problem. Self-cert cases, fast-track cases, it’s all mortgage fraud. As far as I’m concerned I think it’s rife across the industry.”

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Portal points

The reporting on the Bates’ conference in last week’s issue surprised me. Andrew’s presentation, which we thank him for and which was arguably the highlight of the week, was indeed critical in some areas of the way that Money Portal manages its regulatory businesses. However, the article was unbalanced and missed two very important points.

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