Mortgage fraud

Mortgage fraud occurs when an individual intentionally provides inaccurate, fraudulent or incomplete information to a lender to secure a mortgage they might not otherwise be granted. This could include anything from an individual claiming to have a higher income than they actually have, to providing falsified proof of identification or a falsified appraisal of the property.

A related kind of fraud, called title fraud, occurs when a fraudster assumes the identity of an individual homeowner and then uses that false identity to pose as the homeowner. He or she could then assume the title on the home, sell the property or obtain a mortgage on that property or other properties in the homeowner’s name.

What we are doing to protect you

Vancity’s security team works constantly to protect you from fraud, ensuring that security measures are being enhanced and technology is being upgraded. We work closely with police and industry partners in investigations to help catch the criminals that commit fraud against our members and credit union. Significant changes have been made to directly prevent some instances of real estate fraud from occurring.

Top three things you can do to protect yourself from real estate fraud

  • Conduct a property search at your province land registry office to ensure that the title to your home is in your name. It is a good idea to do this each time you buy or sell a home.
  • Protect your personal information from identity thieves.
  • Check your credit report regularly. Reviewing your credit report can help you find out if someone has opened unauthorized financial accounts in your name. There are two credit reporting agencies in Canada: Equifax Canada and TransUnion Canada. You can request free copies of your credit report from credit reporting agencies by mail. Online versions of reports are also available for a small fee.
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