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Wednesday, August 11, 2010

Lying about your income is Fraud

Wendy Zulu, head of Risk and Compliance at FNB Home Loans, says the bank has seen “a concerted effort in relation to mortgage crime”. “These take on various forms, but the main ones are inflation of income, identity theft, false employment records, failure to disclose other debt obligations, inflating the value of the property and/or price to be paid.”

Berry Everitt, CEO of the Chas Everitt International property group, warns:"never to be cajoled into making false statements on loan applications, including overstating your income, understating your debt, or lying about the source of your deposit or the nature and length of time of your employment. If the person helping you make an application insists that ‘everyone else does this’ or that it is ‘quite legal’, ask them to put that in writing. You can be sure it won’t happen!”

Mz. Zulu warns that such transgressions (inflation of income etc.) will be met with grave consequences. “We institute criminal charges against them, cancel the mortgage agreement (if applicable) and list the fraud on ITC.

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