Member Login 

AMBA

  • Buying a Home
    • Why Work With a Mortgage Broker?
    • Steps to Mortgage Approval
    • Understanding Mortgages >
      • Mortgage Types & Rates
      • Being a Responsible Borrower
      • Your Mortgage Contract
      • Being Aware of Risks
    • Mortgage Insurance
    • Real Estate Fraud
    • Find a Mortgage Broker
  • For Mortgage Brokers
    • Our Role in Advocacy
    • Value of membership >
      • Affinity Program
    • RECA Guides & Industry Tools
    • Compliance Toolkit
    • Become a Member
    • Member Portal Login
  • Join Our Industry
    • Why Become a Mortgage Broker
    • Apply for Mortgage Courses
    • How to get licensed in Alberta
    • Join a Member Company
    • Industry Job Board
    • Newly Licenced >
      • Finding a Brokerage
    • 2025 Sponsorship Packages
  • Events & News
    • 50th Anniversary
    • 2025 Conference App
    • Awards
    • Event Calendar
    • Industry News
  • About Us
    • Our Mission & Strategic Plan
    • Board of Directors
    • Committees >
      • Join a Committee
      • Audit, Finance & Risk Committee
      • DEI Advisory Committee
      • Education & Professional Development Committee
      • Governance Committee
      • Political Action Committee
      • Professional Standards Committee
      • Women of AMBA Committee
      • 2025 Awards Adjudication Working Group
      • 50th Anniversary Advisory Committee
    • Code of Conduct
    • Our Team
    • Contact
  • Blogs & Articles
  • Buying a Home
    • Why Work With a Mortgage Broker?
    • Steps to Mortgage Approval
    • Understanding Mortgages >
      • Mortgage Types & Rates
      • Being a Responsible Borrower
      • Your Mortgage Contract
      • Being Aware of Risks
    • Mortgage Insurance
    • Real Estate Fraud
    • Find a Mortgage Broker
  • For Mortgage Brokers
    • Our Role in Advocacy
    • Value of membership >
      • Affinity Program
    • RECA Guides & Industry Tools
    • Compliance Toolkit
    • Become a Member
    • Member Portal Login
  • Join Our Industry
    • Why Become a Mortgage Broker
    • Apply for Mortgage Courses
    • How to get licensed in Alberta
    • Join a Member Company
    • Industry Job Board
    • Newly Licenced >
      • Finding a Brokerage
    • 2025 Sponsorship Packages
  • Events & News
    • 50th Anniversary
    • 2025 Conference App
    • Awards
    • Event Calendar
    • Industry News
  • About Us
    • Our Mission & Strategic Plan
    • Board of Directors
    • Committees >
      • Join a Committee
      • Audit, Finance & Risk Committee
      • DEI Advisory Committee
      • Education & Professional Development Committee
      • Governance Committee
      • Political Action Committee
      • Professional Standards Committee
      • Women of AMBA Committee
      • 2025 Awards Adjudication Working Group
      • 50th Anniversary Advisory Committee
    • Code of Conduct
    • Our Team
    • Contact
  • Blogs & Articles

Blogs & Articles

Fraud-proof Your Success: Red flags to watch for in today's market

3/7/2024

0 Comments

 
Picture
March marks Fraud Prevention Month, and this year’s theme is “20 years of fighting fraud: from then to now.” This theme aims to help Canadians recognize how fraud has evolved over the years, from telemarketing and mail to social media and artificial intelligence.   
 
In 2023, the top three most reported types of fraud were identity fraud, service fraud, and phishing, with the highest level of financial impact being investment scams - including mortgages.   
 
As a mortgage professional, it's crucial to recognize the various forms of mortgage fraud in the industry. From housing fraud to title fraud, profit-driven schemes to foreclosure scams, each presents a significant threat to the integrity of the industry. Being aware of potential red flags is vital to protecting both your reputation and the financial well-being of your clients. 
 
Common red flags to watch for: 
  • An individual proposes compensation in exchange for permission to use your identity and credit details to secure a mortgage. 
  • ​You're advised to fabricate details on a loan application. 
  • You're requested to leave crucial sections, like signature lines, blank on a loan application. 
  • The mortgage's sum surpasses the property's assessed value by a significant margin. 
  • The mortgage has undergone multiple refinances, each time escalating the loan amount. 
  • A seller or financial advisor dissuades you from inspecting the property you intend to purchase. 

By
remaining vigilant and following ethical standards, we can combat mortgage fraud and uphold the integrity of the industry. Remember, the consequences of involvement in fraudulent transactions far outweigh any potential gains.
 
The government of Canada has released three regulations amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), one including the mortgage sector. As of October 2024, business and professionals involved in the mortgage sector, specifically mortgage administrators, brokers and lenders, will have obligations to report suspicious activity to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).   

AMBA has two informative webinars tailored to the mortgage industry on PCMLTFA and FINTRAC, both available in the member portal for viewing. If you have any questions about the webinars, please reach out to [email protected].  

Protect yourself. Stay Informed.   
#FPM2024  
0 Comments

    News & Articles

    Industry updates, news, and content to help you elevate your mortgage broker business. 

    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    September 2024
    August 2024
    June 2024
    April 2024
    March 2024
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    October 2022
    July 2022
    November 2021
    October 2021
    October 2020
    September 2020
    August 2020
    July 2020
    April 2020

    Categories

    All
    Productivity

    RSS Feed

Alberta Mortgage Brokers Association
7326 10th Street NE, Suite 310   
​Calgary, AB T2E 8W1
Phone: 587.774.9828 
​Email: [email protected]
Picture
At the Alberta Mortgage Brokers Association, we acknowledge that our work in the housing industry is deeply connected to the land we call home. We recognize and pay tribute to the traditional territories of the peoples of Treaties 4, 6, 7, 8 and 10.  We also honour the Métis Nation of Alberta.  As we work to facilitate homeownership in Alberta, we remember that we operate on land that has been home to Indigenous peoples for generations.