Posted on: 09-03-07 02:50:44
Buyers should be beware of mortgage fraud in Alberta. It's probably going on in other parts of Canada too...
http://albertabubble.blogspot.com/2007/03/yes-stink-is-same-here.html
Mortgage fraud is increasing rapidly. It includes various types of frauds such as Identity, title, income fraud etc. Infact, in ontario itself the estimated amount involved is $400 million. This is a kind of organized fraud wherein several morgage originators are involved with the borrower.
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Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
That is one more reason CIMBL (CANADIAN INSTITUTE OF MORTGAGE BROKERS AND LENDERS) advocates to deal with professionals with AMP designation.
CIMBL is a national association representing over 6000 mortgage professionals. It has created a new designation, the Accredited Mortgage Professional (AMP).
Mortgage professionals who have earned the AMP have met standards designed to raise the bar and increase the level of professionalism in Canada's mortgage industry.
More information about CIBLE, the service and professionalism its members offer and to find an AMP (ACCREDITED MORTGAGE PROFESSIONAL) please visit the links below:
http://www.cimbl.ca/index_e.htm
http://www.cimbl.ca/cimbl_quickfacts.htm
http://www.cimbl.ca/download_docs/rem_ad_2004_Eng.pdf
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
That is one more reason CIMBL (CANADIAN INSTITUTE OF MORTGAGE BROKERS AND LENDERS) advocates to deal with professionals with AMP designation.
CIMBL is a national association representing over 6000 mortgage professionals. It has created a new designation, the Accredited Mortgage Professional (AMP).
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Being a professional I do respect all the professionals in any field. But, it is not a professional qualification but professional itself who is bad or good or subject to such mal-practices. I have seen AMPs being involved in such frauds. The majority of mortgage frauds is income fraud which starts with the support of a mortgage professional be it in a bank or a broker. Reasons are known to everybody; better do not make them public openly.
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Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
Originally posted by dp_jain
Quote:
Originally posted by Pramod Chopra
That is one more reason CIMBL (CANADIAN INSTITUTE OF MORTGAGE BROKERS AND LENDERS) advocates to deal with professionals with AMP designation.
CIMBL is a national association representing over 6000 mortgage professionals. It has created a new designation, the Accredited Mortgage Professional (AMP).
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Being a professional I do respect all the professionals in any field. But, it is not a professional qualification but professional itself who is bad or good or subject to such mal-practices. I have seen AMPs being involved in such frauds. The majority of mortgage frauds is income fraud which starts with the support of a mortgage professional be it in a bank or a broker. Reasons are known to everybody; better do not make them public openly.
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You are right Jain Sahib,
It is the person behind frauds and not the professional designation but because of some black sheeps you do not lose your trust in the institution.
You would agree that the biggest of the frauds committed on people are by account professionals and auditors (I believe they all must be at least Chartered Accountants) working for the companies like ENRON, MCI etc. The list is endless and now we hear some thing in our own backyard with RIM as well. Similarly, you must have heard about Nick Leeson (http://en.wikipedia.org/wiki/Nick_Leeson) who caused the demise of a bank.
Still we would not stop trusting every single Chartered Accountant, Auditor, Lawyer or any other professional.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Originally posted by dp_jain
Quote:
Originally posted by Pramod Chopra
That is one more reason CIMBL (CANADIAN INSTITUTE OF MORTGAGE BROKERS AND LENDERS) advocates to deal with professionals with AMP designation.
CIMBL is a national association representing over 6000 mortgage professionals. It has created a new designation, the Accredited Mortgage Professional (AMP).
---------------------------------------------------------------------------------
Being a professional I do respect all the professionals in any field. But, it is not a professional qualification but professional itself who is bad or good or subject to such mal-practices. I have seen AMPs being involved in such frauds. The majority of mortgage frauds is income fraud which starts with the support of a mortgage professional be it in a bank or a broker. Reasons are known to everybody; better do not make them public openly.
_______________________________________________________________________________
You are right Jain Sahib,
It is the person behind frauds and not the professional designation but because of some black sheeps you do not lose your trust in the institution.
You would agree that the biggest of the frauds committed on people are by account professionals and auditors (I believe they all must be at least Chartered Accountants) working for the companies like ENRON, MCI etc. The list is endless and now we hear some thing in our own backyard with RIM as well. Similarly, you must have heard about Nick Leeson (http://en.wikipedia.org/wiki/Nick_Leeson) who caused the demise of a bank.
Still we would not stop trusting every single Chartered Accountant, Auditor, Lawyer or any other professional.
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I fully agree that we can not lose trust in any institution or a designation. Besides, the institution or a designation adds to the creditability and black sheeps take shelter under this cover.
I do not support your statement that
"the frauds committed on people are by account professionals and auditors"
reason being accountants in these frauds were just a part of a system/group. No single CA/acountant itself can handle such a big scam. All these are the examples of organized frauds.
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Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
I hope we are not getting into a fight between two different professions (/nals) - specially when both of you agree that it is not the profession but the person who is wrong.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
