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MissMoneyPenny - Did the banks commit fraud?

Koexelex

Occupation - Mortgage Broker

Location - Cambridgeshire

Definitely. Some of them actively encouraged fraud, and promised to turn a blind eye to it.

For example, I was once visited by the Business Development Manager of one of the main UK lenders. He told me that if I was going to send in false payslips, I should screw them up a bit or spill a bit of coffee on them to make them look more realistic for the file

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The lenders not choosing to check borrowers incomes is one thing, but actively telling brokers how to get cases through the system that should have been refused is something different.

Of course, they never but it in writing, but a lot of their reps told us verbally what needed to be done, and even showed us sales aids, such as " believable incomes" to put down for certain professions

on ocasions, I have even been told my lenders that they will guarantee not to check the clients income if they agreed to take out an insurance policy with them, as well as the mortgage

I have never ever arranged a mortgage for a client where I was not happy that a borrower could afford the payments, but I know brokers in the industry who openly boasted of getting someone 10 times income by using the lender's own tips

A lot of the high street lenders that are so called " pillars of society" are very corrupt organisations, believe me.

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Naijpower - How about banning some lenders for a change. Why does it take FSA to detect all this. Some lenders knowingly passed some of these application out of greed and by making their criteria so easy and silly e.g self cert no checks; Day 1 self employed; Accept basic accounting reference ete etc

Koexelex

Agreed. Some lenders actively encouraged brokers to commit fraud.

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Crown - When the Halifax and Northern Rock Business Development Managers phoned me all these years ago and told me that the would not check my clients income so 'nudge nudge wink wink' we can place more of your cases, I told them to get lost.

When the lenders introduced a trading platform where I could tell which would lend with no income checking for an individual slient, I was shocked.

Ans still now, the regulator does not grasp the scale of the deceit. I bet if I asked the mortgage brokers I know who has exagerated client income with fake bonuses, enhanced commission etc. they would all say they had

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If only more brokers would enlighten everyone to the lenders behaviour throughout the boom times, it would become undeniable, that those employed from the top to the bottom at many lending institutions incited & conspired with thousands of mortage brokers to commit mass mortage fraud.

These times seen many individuals profit in the form of commission & bonuses ranging from hundreds of pounds to millions.

Then again, if only more mortgage brokers were in a position to do so!

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