Lie-to-Buy Mortgage Brokers & the FSA.

FraudBuster

FSA bans another East London broker for mortgage fraud

FSA/PN/141/2009
21 October 2009
The Financial Services Authority (FSA) has banned Barking-based mortgage broker, Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders to obtain mortgages for herself.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/141.shtml


I liked this bit:

4.8. Furthermore, the sets of income figures declared to lenders bear no relation to the income figures that were reported to Her Majesty’s Revenue and Customs ("HMRC") by Ms Ogunmoye. According to HMRC records, she declared a gross income of £59 in 2004/05. No income or tax data is held on Ms Ogunmoye for subsequent years. She failed to provide an explanation for the discrepancy.

FraudBuster

Mortgage broker banned for concealing true nature of governance arrangements from the FSA and for mortgage fraud

FSA/PN/156/2009
11 November 2009
The Financial Services Authority (FSA) has banned Birmingham mortgage broker Mohammed Hanif for obtaining authorisation by giving the FSA false information to conceal his involvement in the running of the business.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/156.shtml

Gorgeous_George

Maybe mortgage affordability should be based on 'UK National Insurance paid' each year.

Perhaps 50 x NI? Gets my vote.

GG

Gorgeous_George

4.8. Furthermore, the sets of income figures declared to lenders bear no relation to the income figures that were reported to Her Majesty’s Revenue and Customs ("HMRC") by Ms Ogunmoye. According to HMRC records, she declared a gross income of £59 in 2004/05. No income or tax data is held on Ms Ogunmoye for subsequent years. She failed to provide an explanation for the discrepancy.

Do brokers have access to HMRC records?

GG

FraudBuster

FSA fines Northern Ireland mortgage firm for failing to prevent fraud and bans one of its partners

FSA/PN/003/2010
7 January 2010
The Financial Services Authority (FSA) has fined County Down mortgage intermediary Case Funding Centre (CFC) £35,000 for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/003.shtml

FraudBuster

FSA takes action against London mortgage broker for lack of openness and co-operation with the regulator

FSA/PN/005/2010
12 January 2010
The Financial Services Authority (FSA) has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. The permission of Trinity Network Services Limited (Trinity), where Oladipupo was sole principal and controller, has also been cancelled.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/005.shtml

FraudBuster

FSA removes director's approval to hold senior positions for two years

FSA/PN/07/2010
18 January 2010
The Financial Services Authority (FSA) has revoked the approval of a Durham-based director of a mortgage broker firm, preventing him from holding senior positions in the financial services industry for at least two years.
Roger Collins was the only director and approved person in his firm Thoroughgood Harrison and Davies. An FSA investigation uncovered a series of failings that placed 300 customers at risk of receiving unsuitable advice.
A number of client files were reviewed and it was apparent that inadequate affordability assessments were undertaken by the firm’s advisers. One client was recommended a mortgage contract which exceeded his net income and others were recommended potentially unaffordable mortgage contracts which extended into their retirement.

Cont:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/007.shtml

FraudBuster

FSA bans West London mortgage broker for submitting fraudulent applications.

FSA/PN/023/2010
4 February 2010
The Financial Services Authority (FSA) has banned mortgage intermediary Andrew Emelife for knowingly submitting mortgage applications to lenders that contained false and misleading income information.

Emelife also commissioned an accountant to provide false accountants statements for himself and at least one customer to commit mortgage fraud.

Continued:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/023.shtml

FraudBuster

FSA bans London based mortgage broker for incompetence and failing to prevent mortgage fraud

FSA/PN/027/2010
15 February 2010
The Financial Services Authority (FSA) has banned Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business being targeted by mortgage fraudsters.

Continued:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/027.shtml

JA1000

Bring back self certs, I walked out of uni with no job a few years ago, was looking to rent somewhere as I had some savings, I could not justify the rent being charged. Got speaking to a broker and suggest a self cert. 4 weeks later I got the keys to my house which I paid £60k for and a mortgage a lot less than renting. I had to put down 6 months mortgage payments and guarantee which was also the ERC.

I would like to thank that broker who saw common sense and could see affordability with my savings would give me a year in which to get a job. It took me two weeks!!

Current lenders change with the wind affordability, income!!! I am currently paying 10 times more interest on credit card than I am on mortgage and they won't let me consolidate because of affordability. How can I afford to do this, to consolidate would cost me an extra £150 pm but apparently I can't afford it.

Absolute total rubbish, over protective underwriters living in the past.

Oh and about the house I bought for £60k on a self sert I sold two years later for £140k!!! Thank you Mr Broker whereever you are now.

All brokers I have dealt with work on the basis of tell them what they need to hear, if you are a broker and don't agree I don't believe you.

Fraud however is another thing and I agree should be treated as such. Tempted to take my lender to FOS as not lending me the money is against TCF!!!