View more on these topics

Quest launches new anti-fraud tool

Quest has launched an anti-fraud tool designed to help quickly uncover suspiciously high valuations.

Based on trials and discussions with key industry figures, Q-Price Alert will work alongside Quest’s existing fraud detection software to enable surveyors and lenders to identify any potential surveys or mortgage applications where a valuation figure seems too high.

It works by using land registry data to raise a ‘red flag’ on the instruction where the purchase price exceeds 15% of the estimated current value, as calculated by Quest’s price comparable system.

The ECV is then forwarded onto the head office audit function so that attention can be given to unusual cases, or particular individuals or areas where there are above-average valuations.

Lenders also have access to the audit data, which may include details of brokers, estate agents and surveyors involved, as well as applicants’ telephone numbers.

Tom Parker, Quest’s managing director, says: “Any potential over-valuations are instantly identified and highlighted as a risk, before the application is sent for processing.

“We will continue to working closely with the industry to deliver intelligent systems that will deter many would-be fraudsters.”

Recommended

BUDGET 2008: No respite for FTBs

The chancellor Alistair Darling’s maiden Budget offers no real respite for first-time buyers says Firstrungnow.com’s managing director Helen Adams.She says that the the governent continues to leave the next generation high and dry by offering almost no relief in terms of tax or Stamp Duty. She says: “Simply allowing shared ownership property buyers only to […]

Ex-Egg boss buys MoneyQuest

MoneyQuest has been snap-ped up for an undisclosed sum by a consortium led by former Egg chief executive officer Paul Gratton.

Ian Wilson new Halifax head of sales

Ian Wilson has been appointed head of sales at Halifax Intermediaries. Wilson will report to Jack Saxton, managing director of Halifax Intermediaries and will be responsible for the 50 member sales team. His core objective will be to increase sales, maintain service levels and build on existing relationships with key regional accounts. Wilson has been […]

Website slams chancellor’s Open Market HomeBuy focus

Moneysupermarket.com has dismissed chancellor Alistair Darling’s focus on Open Market HomeBuy products in yesterday’s Budget as a huge disappointment. Louise Cuming, head of mortgages for the price comparison site, considers equity share mortgages as a good option in principle but adds that they benefit so few borrowers that they are useless in breathing life into […]

Newsletter

News and expert analysis straight to your inbox

Sign up