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Mortgage Fraud Prevention - the role of the lender panel manager

Mortgage Fraud Prevention - the role of the lender panel manager. Nick Larkins Mortgage Fraud Controls Manager Lloyds Banking Group September 2013. Who’s who Some facts about Lloyds conveyancing panel Panel management framework How mortgage fraud has changed over the past few years

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Mortgage Fraud Prevention - the role of the lender panel manager

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  1. Mortgage Fraud Prevention- the role of the lender panel manager Nick Larkins Mortgage Fraud Controls ManagerLloyds Banking GroupSeptember 2013

  2. Who’s who Some facts about Lloyds conveyancing panel Panel management framework How mortgage fraud has changed over the past few years Risks today / Risks tomorrow Summary and questions Purpose of today’s presentation

  3. Who’s who! £2bn

  4. Who’s who! Perimeter Controls Application Screening Detection Continuous Improvement

  5. Lloyds panel • Large panel across the UK • Stable member numbers for over 12 months • Open to new members • No restrictions on firm size • No intention to reduce panel outside of policy requirements • Active panel management programme

  6. Role of the Panel Manager in Lloyds Compliance with bank policy and regulatory requirements Ongoing due diligence of panel members Panel application management Minimise fraud loss Customer protection Support smooth customer journey

  7. Panel management challenges

  8. Misappropriation of funds False Certificates of Title 2005-2009 Charge registration- failure to register- defective registration - Leasehold conversion Property hi-jack (negligence or complicity) 2010-2013 Vendor Solicitor Fraud 2011-2013 • Transparency • Distressed sale • Hidden representation • Deposit manipulation • Scheme Abuse Challenging the laws of physics

  9. Example Below Market Value transaction

  10. The good news – together we are making progress Then Now ……….based on levels of detected fraud requiring a fraud provision

  11. There are risks facing us…………… however Market upturn Financial health of firms Customer finances Pressure on police resources Increasingly complex nature of fraud Awareness is rising Industry solution Supplier market has reacted Level of investment has increased CML Handbook Part 3

  12. Build on solid foundations • Compliance with the CML Handbook • Timely registration of charge • Notify the lender of changes to the firm • Notify the lender of any suspicions on a case • Confirm probity of the vendor solicitor • Carefully vet new employees • Controls over staff, client account, transparency • Your panel membership • Compliance with the CML Handbook

  13. In summary………. • Good progress in recent years • Market conditions are changing the risk profile • BMV, hidden deposits, vendor solicitor fraud • A need to continue to focus on the foundations • Communication with the lender is vital • Expect continued assurance activity by lenders

  14. QUESTIONS? Lloyds Banking Group – Panel Management Team 01733 509065 $conveyancingpanel@halifax.co.uk

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