Real Estate Council Report States Commitment to Combating Mortgage Fraud
Calgary, Alberta – The Real Estate Council of Alberta (RECA) is committed to fighting mortgage fraud, according to its Chair, Lynn Patrick, in RECA’s 2004-2005 Annual Report.
In the report on the Council’s past fiscal year, Mr. Patrick highlights key challenges and achievements in 2004-2005. These include a new requirement for all real estate appraisers to be licensed, record numbers of licensees, changes to protect the viability of the Real Estate Assurance Fund, and participation in several initiatives to prevent mortgage fraud.
In the report, Mr. Patrick states the Council’s “determination to not only do everything it can to combat mortgage fraud from a regulatory perspective, but to also participate in joint projects and to spearhead cooperative initiatives to increase prosecution.” In the past fiscal year, RECA organized stakeholder strategy meetings and took part in the provincial government’s Advisory Committee on Mortgage Fraud, the Stop Marihuana Grow-ops Calgary Coalition, and the Edmonton committee on grow-ops.
The Council has expanded its communication to the public and all stakeholders through its new website: www.reca.ca. The annual report and financial statements are posted online with an opportunity to provide feedback. In addition to tips on preventing mortgage fraud, RECA’s website enables the public to conduct a licence search to ensure that they deal only with licensed industry professionals. Consumers involved in a transaction in which an industry member may have acted improperly can learn about the Real Estate Council’s complaint, investigation, and disciplinary processes online. Disciplinary outcomes are also posted.The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal industry professionals under Alberta ’s Real Estate Act. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.