Mortgage Architects.indd 1 15-04-14 3:53 PM
MortgageBroker mbabc.ca spring 2015 | 41
legalease
of running out of money during retirement. is proportion is
significantly higher among those vulnerable to fraud (49%) and those
who have been past victims of fraud (47%). It is also higher among
those with no savings (51%) and women under 65 (51%).
■ Only 44% of respondents have a reasonable expectation of annual
returns on investments. When asked about annual rates of return,
less than half of the respondents expected a rate of return of less than
6% (e five-year average nominal return between 2010 and 2014 on
a portfolio containing three common investment types – three-month
Treasury bills, Canadian bonds, and Canadian equities – was 5.98%).
Leong accepted the survey results as offering new insights into
the significant factors that continue to make older British Columbians
vulnerable to fraud.
e take-away for mortgage brokers is to be far more alert of
circumstances suggesting fraud when dealing with those over 50 years
of age.
Mortgage Fraud Rises in Ontario
e CEO of the Law Society of Upper Canada recently reported
that over the past several years it has received new reports of mortgage
fraud allegations at the rate of between two and five lawyers every
month. is trend continues – from January through October 31, 2014,
the Law Society received reports of lawyers engaged in mortgage fraud
at an average of between four and five (4.8) lawyers every month.
ere are currently 80 mortgage fraud investigations (102 cases)
in the inventory.
Last year saw some high profile real-estate related complaints
against Ontario lawyers, including a Toronto lawyer facing an
investigation over $15 million in missing condo deposit fees from
purchasers aer she transferred the money to the developer despite
the project not completing and the transaction not closing.
