Fine imposed on broker over falsifying mortgages

The Financial Services Authority has fined another mortgage broker over the issue of falsifying customer applications. A number of brokers have been fined since the beginning of this year by the UK’s financial regulator, the FSA, over these issues, and falsifying applications in order to push through loans has become a more common occurrence since the tighter credit conditions came into play, fuelled by the global credit crunch.

In this instance the broker, Sadia Nasir, was a director of Ilford-based London Mortgage and Financial Services, was both fined and banned. She was fined £130,000 after the FSA found that she had apparently been using her own income and employment details on customers’ forms.

An official from the FSA said: ‘Ms Nasir’s actions were particularly serious and blatant, and she poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud but the problem persists.’

She continued: ‘We will continue with this new policy and intensify our crackdown on mortgage fraud. Perpetrators will increasingly find themselves facing bans, heavier fines and having to disgorge illicit gains.’ The FSA has recently stated that it wants further action to be taken to crack down on mortgage fraud.