Search result for: mortgage fraud
Mortgage fraud occurs when individuals intentionally deceive lenders, borrowers, sellers, and others to obtain mortgage financing. It undermines the integrity of the mortgage industry and...
Mortgage fraud is a crime. If you are approached about making quick, easy money in real estate, are asked to use your name for credit...
March is Fraud Prevention Month in Alberta, and the Real Estate Council of Alberta is participating once again! We want to encourage consumers to dig...
1. Meet clients face to face In our fast-paced, technology-driven world, an old-fashioned face-to-face sit down between a client and an industry professional is increasingly...
Mortgage fraud is once again in the news in Canada. Just today, Equifax announced that it has uncovered more than $400-million in mortgage fraud in...
Calgary, Alberta — on November 20, 2023, the Real Estate Council of Alberta (RECA) cancelled the licence of Casurt Roy Morgan. Morgan cannot reapply for...
RECA recently warned consumers who are private lenders about recent fraudulent activity. RECA is currently investigating instances where private entities and related businesses have presented...
by Gary Siegle, RECA Regulatory Compliance Advisor, Mortgage Brokers To protect consumers and lessen instances of fraud, the mortgage industry is regulated in Canada, with...
Calgary, Alberta — on June 26, 2023, the Real Estate Council of Alberta (RECA) cancelled the licence of Bhalinder Singh Dhaliwal. Dhaliwal cannot reapply for...
by James Porter, RECA Investigations Manager At the Real Estate Council of Alberta (RECA), we are here to both protect consumers and promote the integrity...
Please note this Hearing Panel Decision was appealed on August 16, 2023 and some of the administrative penalties were amended. You can find the Appeal...
by Gary Siegle, RECA Regulatory Compliance Advisor, Mortgage Brokers While perhaps not as prevalent as in larger jurisdictions with accelerated real estate markets, Alberta’s real...
Calgary, Alberta—March marks the beginning of Fraud Prevention Month (FPM) across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness...
Calgary, Alberta—On November 30, 2020, the Administrator of the Real Estate Council of Alberta (RECA) suspended the real estate licence of Gagandeep Singh. Mr. Singh...
Calgary, Alberta – On August 29, 2019, a Hearing Panel for the Real Estate Council of Alberta (RECA) cancelled the real estate and mortgage licences of Paramjit...
I have steady employment, a 5% down payment, and I make $60,000/year. My mortgage broker says for the condominium I want to buy, I need...
RECA has opened a new consultation about proposed changes to the Real Estate Act Rules regarding mortgage broker standards of practice. The consultation is based...
Calgary, Alberta – March 1st marks Fraud Prevention Month across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness about...
When consumers get desperate, fraudsters make their move. In tough economic times, more and more Albertans are struggling to make mortgage payments and could become...
What is legitimate seller financing? When a sale involves seller financing (also called a vendor take-back mortgage), a seller may own their property outright (i.e....
All Alberta mortgage brokerages are required to have insurance against liability for errors and omissions, and additional coverage for loss resulting from fraudulent acts in...
Online form: Anonymously submit a fraud tip to RECA Purpose RECA’s mandate includes protecting against, investigating, detecting, and suppressing mortgage fraud as it relates to...
Most buyers need at least some financing (a mortgage) to purchase a home. The two most common sources of a mortgage are directly through a...
The Real Estate Council of Alberta (RECA) is reviewing mortgage brokerage standards and Rules to enhance consumer protection, ensure our standards of practice are strong,...
We’ve been talking about real estate and mortgage-related fraud throughout Fraud Prevention Month—but do you know the role ID theft can play in both? Protecting...
At its most basic, a straw buyer fraud is someone a fraudster pays to make a fraudulent mortgage application on a property. The straw buyer...
When you think of someone committing mortgage fraud, you may immediately think of a criminal mastermind, lurking in the shadows, not thinking or caring about...
Fraud Prevention Month in Alberta launched today! RECA kicked off the month at Calgary Police Service Headquarters along with other organizations dedicated to preventing fraud....
Allegations of mortgage fraud have prompted a large mortgage provider in Ontario to remove 45 individuals from their list of approved providers. Some in the...
Beginning September 1, 2011, all Alberta mortgage brokerages will be required to have insurance against liability for errors and omissions, and additional coverage for loss...
