 In
the mortgage industry, it seems everyone has a friend of a friend
of a friend involved in some sort of mortgage fraud, whether it
be by inadvertent means or otherwise. Mortgage fraud is sweeping
the industry, pressuring interest rate hikes by the need to cover
the incurred losses of the lending industry, and damaging the credibility
of brokers. Reliable statistical evidence is unavailable, and media
attention is otherwise engaged.
In
May this year, an eighteen-strong mortgage fraud ring was charged
in NSW over an alleged conspiracy to defraud a bank in excess of
$2 million dollars in home loans. Fake identities were used to gain
home loans for ten Sydney properties, resold at inflated prices
to fictitious buyers, and the money never repaid.
This
scenario is representative of the intricacy of mortgage fraud. Brokers,
borrowers, lenders, lawyers, valuers, real estate agents and anyone
in between can work independently or in concert to artificially
increase property values or to advance the likelihood of a borrower
achieving loan settlement. In terms of law and order, pointing the
finger at ‘who’ is definitely an important part of eradicating mortgage
fraud. Yet the futile gossip that often finds itself attached to
the ‘who’ can distract from comprehending ‘how’ such frauds are
committed. With understanding comes prevention, which is essential
if the mortgage industry is to stand up to the fraudulent activity
that plagues it.
Anne
Thanudchang, Director of Propex Pty Ltd, says that in her experience
of providing opportunities for caveat financing and second mortgages,
brokers and lenders must be warned against processing loans without
questioning the authority of the sources. There are clues to look
out for, such as varying fonts on officially standardised documentation
like bank statements and pay slips. The inability to verify employment
bona fides makes self-employed borrowers a dubious demographic when
it comes to refinancing, so the broker and lender must dig deeper
than what is presented to them on a silver platter.
To
help combat this ongoing problem, ProPex has created a centralised
resource for others to post and read stories of fraudulent behaviour
in the industry, including links to police web sites and collation
of data from other fraud-related sites on the Internet. To this
end they would like anyone who has been the victim of fraud to email
us the details of the fraud. This includes:
- The actual scenario (with as much detail as allowed by legal considerations).
- The lessons learned, such as pointers to identifying future possible
fraudulent scenarios or irregularities.
This
email, preferably half a page in length or more, should be emailed
to finance@propex.com.au.
It will be vetted for relevance and possibly edited for neatness
and ethical considerations. It will then be posted on the website
with a brief 10 word description for the reader's convenience.
Any picture, video or sound files will be welcome even though they might not end up posted on the site. All information collected will be for the sole use of ProPex and will not be passed on or sold to any third parties.
All entries will go into the draw for our monthly competition. This month there are 50 free tickets to the Brokers Forum, valued at $250 each. Visit our website, www.propex.com.au for further details.
|
|
Propex
is offering the chance for two people to fly to Bali for a
luxurious and relaxing holiday. For your chance to win, refer
Brokers to us. Full details can be found at www.propex.com.au
|
|
PROPEX TEAM
- |
Anne Thanudchang
Director
|
- |
Jodie Pawsey
Operations Manager
|
- |
Eugene Tee
Business Development
Manager
|
- |
Hus Sali
Business Development
Manager
|
- |
Iva Vesela
Trainee Business Development Manager
|
- |
Dominic Pukallus
IT Implementation Officer
|
PRODUCTS
SHORT TERM INVESTMENT BUSINESS MORTGAGES: Secured loans available for 3-5 months. Funds are approved in 3-5 days.
INVESTMENT OR BUSINESS SECOND MORTGAGES: Provides extra funds without affecting the first mortgage.
Secured loan from 6-24 months.
NON CONFORMING
BUSINESS OR INVESTMENT LOANS: Your credit impairment does not affect
your ability to access funds for debt consolidation, refinancing
or purchasing a new property.
COMMERCIAL
LEASING ON ALL ASSETS: Maximum
preferred term is 24 months. Available
for asset purchase or lease back for working with capital requirements.
PERSONAL LOANS:
Provides
access to funds
for a new holiday, car or renovation. Minimum 1 year at 11.95%.
Note: Fees and conditions apply to all our products.
PROPEX HITS BROKERS FORUM
|
|
Propex
will be featuring at stand 5 at the Brokers Forum to be held
at the Sydney Hilton on the 12th and 13th October.
Their
stand will feature blackjack, an array of prizes, information
about the products and services as well as the opportunity
to meet with Propex’s Business Development Managers directly.
Visitors who place their business cards at our stand also
go into the draw for a trip to Bali. A bottle of Johnnie Walker
Black Label will be also be on offer to the winners of the
Blackjack competition.
The
Australia Brokers Forum will showcase the products and services
of mortgage professionals as well as address the unique issues
that the mortgage industry faces now and in the future. It
features two days of intensive workshops with noted professionals
in the industry.
Anne
Thanudchang, Director of Propex, believes the Forum provides
the Company an excellent way for first hand interaction with
their clients.
“The
entire team will be present at the Brokers Forum, from operations
to business development. The forum will provide us the opportunity
to answer enquiries from our clients and also provide them
with information about our range of products and services."
"For the second year running, I will be taking the reins
as a dealer but there might be a new dealer as well."
"All of Propex are very much looking forward to being
involved” says Anne.
Please contact Iva Vesela on 1300 854 030 at Propex if you
need any further information about our stand.
|
|
