Wednesday, February 2, 2011
Dodgy brokers get slap on the wrist from Lloyds. In other news, Santander welcomes 900 new faces.
*It should be noted that mortgage fraud is still rife with a quarter of all mortgage applications being fraudulent* Lloyds Banking Group has struck 900 mortgage brokers off its panel over the last three years after uncovering suspected fraudulent practices. This weekâ€™s Money Marketing also reveals that around 300 brokers have been removed from Lloydsâ€™ panel over the last year. Practices such as over inflating income and fraudulent applications have led to brokers being suspended for interim periods of three, six or 12 months. In some cases Lloyds has stopped working with brokers on a permanent basis.