Industry gets tough on commercial mortgage fraud
Thursday 14th May 2009The reputation of the commercial mortgage sector is at risk as a result of a small number of unscrupulous brokers, the National Association of Commercial Finance Brokers (NACFB) has said.
A recent rise in complaints from customers has been noted by the organisation, with chief executive Adam Tyler keen to take action.
He said that brokers have been posing as lenders or charging disproportionately high upfront fees without working on a proposal.
"This is a throwback to the late eighties and early nineties and is threatening the reputation of all commercial finance brokers," Mr Tyler added.
The NACFB will now seek to investigate any complaints received by members and non-members and establish a new committee to concentrate on regulation.
Mr Tyler concluded: "The association takes a very dim view of these kinds of activities and is now forming a separate committee which will include members of the relevant authorities."
The NACFB was founded in 1992 in an effort to tackle fraud in the commercial finance sector.
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