Conveyancing Association welcomes CML focus on fraud
Share
The Conveyancing Association has welcomed the Council of Mortgage Lenders’ focus on tackling mortgage fraud and conveyancer negligence in its annual report.
Eddie Goldsmith, chairman of the CA, says the CML is right to have mounting concerns about fraud given the rising figures, and it is up to individual conveyancing firms to ensure they raise their standards and ultimately improve the reputation of the industry.
He says the CA fully shares the CML’s sentiments on mortgage fraud and will be working with brokers, lenders and third party stakeholders to improve the situation over the coming months.
Goldsmith says: “None of us are naive enough to believe mortgage fraud will ever disappear entirely but licensed conveyancers and solicitor firms need to be doing a lot more to raise standards and improve due diligence.”
He adds that conveyancing firms that fail to act could jeopardise their position on lenders’ panels.
The CA is holding a summer reception on May 11 with Michael Coogan, director-general of the CML, as its keynote speaker, to discuss the challenges facing the industry and how lenders and conveyancers can better work together to tackle problems such as fraud.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
