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Companies must work together to cut down mortgage fraud, says CML

By Jonathan Dawes, Fri 12 Aug 2011 - Published in Mortgages

Mortgage lenders will have to continue being vigilant with the loans they make available to try and cut down on the amount of fraud cases.

This is according to the Council of Mortgage Lenders (CML), which believes that companies must work with the Financial Services Authority (FSA) and other organisations to detect and reduce the number of fraudulent applications in the future.

On top of this, the CML noted it is imperative businesses pool their resources and intelligence together to tackle this growing issue in the UK.

Bernard Clarke, spokesman for the CML, said: "The key is vigilance. Once you have set up what you think are adequate protections, criminals will try to work their way around them so lenders need to continue to give a high priority to this and continue to review their protection against it."

The FSA recently announced that it had fined Lewis Partnership £106,499 for mortgage fraud.