FRAUDULENT MORTGAGE BROKER NICKED AT NOTARY

Rumour has it that a local mortgage broker was apprehended at the Notary last Monday for enticing a client to produce fraudulent documents in support of a mortgage application - thankfully someone at last appears to be taking action. I am told that the lender and the authorities allowed the application to go all the way to Notary to completion as it will be easier to make the case against stick. However the client was not allowed to complete on the purchase as the supporting documents were fake. The broker is going to get done (hopefully). The purchaser has lost any money paid so far and as he is also considered culpable, it is likely wont have a chance of getting a mortgage in Spain in the future - this is conjecture but from a reliable source so have no reason to believe untrue. There are also currently two cases being brought against major brokers UK based by lenders here for fraudulent mortgage applications - news just gets better and better for those of us who have chosen to do things the right way!

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Sure looks like some people are so desperate for business that all their ethics go out of the window in an effort to earn a crust.  It´s just another sign of poor market conditions. 

I would change jobs rather than stoop that low and bring shame to my company and family.

I wonder what his real motivation was to do such a thing??

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This is really bad...Unfortunately you hear about it all the time.The banks tell you real shocking stories... I heard a very similar story to Smiley's ( from a lawyer this time) about 1 month ago. Apparently the bank knew it from the very beginning but said nothing. The area manager of  the bank turned up at the signing & you can imagine the rest... A Big mess! Banks are certainly more aware of these practices and are fighting agains them... so this is good news! I even heard about clients presenting fake passports. So imagine, the client wasn't even the client... 

Having said this, I saw a very interesting programme the other day on TV about an undercover journalist obtaining 20 fake passports in the EU! It was on Spanish TV but the programme was from the BBC.  It was shown on Panorama I think...The repporter travelled through Europe & was able to obtain 22 fake or stolen passports...!!! I mean what can you say about this... ? I recommend watching it. It was exellent. A very brave repporter too as she had to deal with all sorts of dodgy people...

marta@easy2loan.com

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About £350 in several London pubs - no doubt other places as well

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Blimey - prices HAVE risen - thats downright robbery!

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So what's different in Spain as opposed to the UK!

We all know that you can get employers in the UK to lie about your earnings in order to get a mortgage, some lenders know it happens and turn a blind eye!

I know of a couple, resident in Spain who lied through their back teeth and got fraudulent pay slips to prove non existant earniings in order to get a Spanish mortgage.

They had never been legally employed in Spain since moving there in 2003!

Always touting for work, airport runs, cleaning whatever...............

It happens everywhere!

Glad the mortgage lender got caught though, so many sharks let people take on more than they can re-pay comfortably.

 

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Sorry Fibby you wrong - it was the lender that picked up on it because of due diligence (which is becoming more thorough in Spain thankfully) - filed a report to the authorities rather than just declining the application - was decided that there would be a stronger court case to make if they let it go all the way to completion at the Notary - lenders we find have generally tightened up - I am afraid that it is many people in my profession who have encouraged this type of activity from potential borrowers but they are gradually being wheedled out. All our personnel are trained and UK qualified - not that it means anything here as there is no regulation but we act in the same ethos as if we were working in a regulated environment.  When I arrived here a few years back I was going into a few estate agents and we were discussing things such as dodgy payslips etc and I was asked if we dealt with that type of client - I sat on my moral high ground (as opposed to my fat arse before anyone else says it) and proudly declared that it was something we would never do - the estate agent said that we wouldnt last six months - well I guess we must be doing something right and I have to say it has paid serious dividends with the lenders in terms of what we can and cant do in relation to their criteria - we regularly get them to be more open minded about things than they might otherwise be - they know we wont deal with the dodgy stuff!

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I stand corrected Smiley, but you got my drift didn't you?

In your case the lender was on the ball, normally, they don't give a damn, just as long as they get the "sale".

Most high Street Banks are putting thier staff under pressure to sell, sell, sell, they have targets to meet.

I am glad to hear your sales strategy is gentlemanly, that must be a first in this dog eat dog world. (or is it alligator eat alligator world)?

He he he!

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Oh Fibby Fibby Fibby - things are very different here to how you perceive - the lenders we use are extremely cautious when it comes to assessing income and they do the appropriate checks - we ensure that they have evry piece of information they could need to assess a client on risk - we have even taught them how to confirm documentation is genuine - there are without doubt still lenders that are less than careful (one specifically that I have in mind and we do not use them as their products suck) and worse still brokers that are willing to compound this problem but it is getting cleaner. Until about 18 months ago if a client went three months into arrears the lender had to deposit 20% of the outstanding mortgage debt with the Bank of Spain as provision against a bad debt - that has now changed and the ante has been increased to 100% of the debt - effectively dead money for the lender so not in their interest to be less than careful

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