Only the introduction of new technologies can protect the mortgage market from fraud

British mortgage brokers are very concerned about the revealed cases of fraud that takes place when obtaining a mortgage for the purchase of residential property in the UK.

Providing false information on employment when applying for a mortgage loan are the most common type of fraud.

Another type of fraud – submission of false data on income and concealment of its debts and liabilities.

There are also cases of identity theft when applying for loans, getting multiple loans on the same property, the cases of fraud in real estate valuation.

According to the Association of Mortgage Lenders, only the active introduction of new technologies in mortgage lending will help to effectively combat fraud in this area.

The main way to prevent fraud is the creation of a unified database on all borrowers, their income, debts, credit histories and sharing this information in the process of consideration of the allocation of mortgage credit.

There is already communication between various lenders . More than one third of respondents among the mortgage brokers said that they exchange with their colleagues the data and do it electronically.

But it is important to create a unified information system and large-scale implementation. Only the active introduction of new technologies, according to real estate market participants, can reduce the incidence of fraud in this market.

There are already specially created for this purpose group and the Internet portal EDM Mortgage Support Services, which poses a more global strategic objectives – reducing the cost of costs and risks in mortgage lending due to the optimization of the processes of mortgage lending. But now this group has attracted investments to expand their potential, work opportunities and exchange of large volumes of data, improving services and large-scale implementation in the sector of mortgage lending in the UK.

Since the advent of the service EDM Mortgage Support Services has already significantly decreased the incidence of fraud in mortgage lending residential real estate sector.

® Maxim Savitsky G. 12.10.2014

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