[Video is animated. Music begins]
[City with tall buildings.]
Narrator: Mortgage fraud has real consequences.
[A worried middle-aged man is walking amongst the buildings.]
Narrator: If discovered you can lose your deposit…
[A man is crying.]
Narrator: or even lose your home.
[A young woman is in front of a house with a real estate sign.]
Narrator: You risk damage to credit scores…
[A young man is standing on the street with a large illustrative dollar sign on the pavement.]
Narrator: making it harder to qualify for a loan in the future.
[A young man is facing a prominent government building with a flying Canadian flag.]
Narrator: And you could face legal action from the seller, or even criminal prosecution.
[A young woman is looking off into the left side of the screen.]
Narrator: Mortgage fraud happens when your information is falsified to make it easier for you to qualify for the mortgage you want.
[A woman is waiting at the bus stop.]
Narrator: It can also involve people who take advantage of homebuyers for their own benefit, usually for some extra cash.
[A detached house is in a green field, with a city in the background.]
Narrator: So, what does mortgage fraud look like?
[A man’s hand is using a pen to write in documents.]
Narrator: Lying or allowing lies on your mortgage application about your income, work status or any other information.
[A man sitting with his hands propped on a desk. There is a computer and documents on the desk.]
Narrator: Getting monetary kickbacks to go with a specific mortgage lender.
[A man’s hand is giving cash money to a woman’s receiving hands.]
Narrator: Handing over cash to anyone at any time in the home buying process.
[A woman is standing on top of a building facing into the night sky, with a full moon and buildings in the horizon. An illustrative zero per cent rises up from behind the buildings.]
Narrator: Being offered an interest rate or mortgage amount that’s too good to be true when you’ve already been turned down by other lenders.
[A man’s hand is presenting a red-sealed envelope.]
Narrator: Not receiving a lender-stamped commitment letter outlining the terms and conditions of your mortgage.
[A pile of documents are on a desk, with a woman’s hands pressing down on them.]
Narrator: Not receiving copies of all documents during the application process when you request them.
[A pile of documents are on a desk with a blue pen resting on the top.]
Narrator: Signing a blank or incomplete mortgage application.
[A man’s and a woman’s hands are reaching towards each other in attempts to shake hands.]
Narrator: To learn more about mortgage fraud and how to report it…
[The Financial Services Commission of Ontario’s logo is on a navy blue background, with the text: www.fsco.gov.on.ca/mortgage-fraud.]
Narrator: visit www.fsco.gov.on.ca/mortgage-fraud
[music ends.]