The Toronto Police Service recently published two news releases regarding an individual allegedly posing as a private mortgage broker who placed fraudulent mortgages on homes without the owners’ knowledge.
Carefully verify your client’s identity for loan transactions and be on the look-out for anything suspicious. If a mortgage broker is involved, consider checking the BC Financial Services Authority’s records to see if they are currently registered under the Mortgage Brokers Act. For more resources, including tips to help keep you safe, see Real estate: Value, identity and other frauds, the Discipline Advisory – Private Lending, Real estate transactions – know your client primer and the Client ID & Verification webpage. If you have questions about these types of scams or verifying your client’s identity, contact Barbara Buchanan, QC (bbuchanan@lsbc.org or 604.697.5816).
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