Red Flags of Mortgage Fraud

[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:]

Narrator: visit

[music ends.]