Amid hot housing market, stretched borrowers may be stretching the truth to get loans

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Suspicious income letters \u0027the most advanced employment fraud I\u0027ve ever come across,\u0027 mortgage brokerage chief says

“I must say this is the most advanced employment fraud I’ve ever come across,” said Dan Eisner, chief executive of True North Mortgage Inc.

True North’s closer alerted the underwriting manager, and six or so other suspicious letters were subsequently discovered. In one case, True North pulled its funding at the last second, but heard nothing back from the client, which led Eisner to suspect fraud.Dan Eisner, chief executive, True North Mortgage Inc.

The discovery by True North comes amid a red-hot Canadian housing market that is being driven by low interest rates, high levels of household savings and a preference for more space among potential buyers, some of whom may fear missing their chance to own a home. Rising home prices may require borrowers to take on more debt, and to prove to lenders that they can afford the added burden.

However, when it comes to mortgages, it also means there is a bit more demand for homes amid an already limited supply.

 

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