Federal housing agency beefing up ability to detect mortgage fraud, CEO says
TORONTO — Canada Mortgage and Housing Corp. is beefing up its ability to detect patterns that may indicate mortgage fraud after being directed to do so by the federal government, the agency’s president and CEO said Thursday.
“There is no evidence that fraud is a widespread problem,” Evan Siddall said following his remarks to the Canadian Club of Toronto.
“But we know it happens, it’s very hard to find, and incentives exist for fraud in the system, so we need to be vigilant.”
Mortgage fraud has been a hot topic following recent events at alternative lender Home Capital, which has been dealing with the aftermath of a scandal involving falsified loan applications.