Search result for: mortgage fraud
Mortgage fraud is a crime. If you are approached about making quick, easy money in real estate, are asked to use your name for credit...
March is Fraud Prevention Month in Alberta, and the Real Estate Council of Alberta is participating once again! We want to encourage consumers to dig...
1. Meet clients face to face In our fast-paced, technology-driven world, an old-fashioned face-to-face sit down between a client and an industry professional is increasingly...
Mortgage fraud is once again in the news in Canada. Just today, Equifax announced that it has uncovered more than $400-million in mortgage fraud in...
by Gary Siegle, RECA Regulatory Compliance Advisor, Mortgage Brokers While perhaps not as prevalent as in larger jurisdictions with accelerated real estate markets, Alberta’s real...
Calgary, Alberta—March marks the beginning of Fraud Prevention Month (FPM) across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness...
Calgary, Alberta—On November 30, 2020, the Administrator of the Real Estate Council of Alberta (RECA) suspended the real estate licence of Gagandeep Singh. Mr. Singh...
Calgary, Alberta – On August 29, 2019, a Hearing Panel for the Real Estate Council of Alberta (RECA) cancelled the real estate and mortgage licences of Paramjit...
I have steady employment, a 5% down payment, and I make $60,000/year. My mortgage broker says for the condominium I want to buy, I need...
RECA has opened a new consultation about proposed changes to the Real Estate Act Rules regarding mortgage broker standards of practice. The consultation is based...
Calgary, Alberta – March 1st marks Fraud Prevention Month across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness about...
When consumers get desperate, fraudsters make their move. In tough economic times, more and more Albertans are struggling to make mortgage payments and could become...
What is legitimate seller financing? When a sale involves seller financing (also called a vendor take-back mortgage), a seller may own their property outright (i.e....
All Alberta mortgage brokerages are required to have insurance against liability for errors and omissions, and additional coverage for loss resulting from fraudulent acts in...
Online form: Anonymously submit a fraud tip to RECA Purpose RECA’s mandate includes protecting against, investigating, detecting, and suppressing mortgage fraud as it relates to...
Most buyers need at least some financing (a mortgage) to purchase a home. The two most common sources of a mortgage are directly through a...
The Real Estate Council of Alberta (RECA) is reviewing mortgage brokerage standards and Rules to enhance consumer protection, ensure our standards of practice are strong,...
We’ve been talking about real estate and mortgage-related fraud throughout Fraud Prevention Month—but do you know the role ID theft can play in both? Protecting...
At its most basic, a straw buyer fraud is someone a fraudster pays to make a fraudulent mortgage application on a property. The straw buyer...
When you think of someone committing mortgage fraud, you may immediately think of a criminal mastermind, lurking in the shadows, not thinking or caring about...
Fraud Prevention Month in Alberta launched today! RECA kicked off the month at Calgary Police Service Headquarters along with other organizations dedicated to preventing fraud....
Allegations of mortgage fraud have prompted a large mortgage provider in Ontario to remove 45 individuals from their list of approved providers. Some in the...
Beginning September 1, 2011, all Alberta mortgage brokerages will be required to have insurance against liability for errors and omissions, and additional coverage for loss...
Remembering Graham Downey It is with great emotion we announce that Graham Downey, former Chair of Council, passed away in December. Graham was a real...
Did you know that RECA provides lots of information for consumers as well as industry professionals? In fact, because RECA’s mandate is to protect consumers,...
The new report Money laundering is a global issue that recently caught our country’s sober attention. Last May, the B.C. government released a report about...
Council received a report on the RECA Communications Audit Downey, Norris & Associates presented the results of RECA’s Communications Audit. The objectives of the audit...
1. Council elected Brian Klingspon as Chair and Bonny Clark as Chair-Elect Brian and Bonny will serve in these positions from November 1, 2017 to...
Christine Zwozdesky - Chair, Real Estate Council of Alberta We want to hear from you on Openness and Transparency I hope many of you have...
The Real Estate Council of Alberta gets a lot of feedback from its stakeholders. Sometimes, that feedback is about how we should deal with industry...
