Average "Suspect" Size Mortgage Soars

Average "Suspect" Size Mortgage Soars

Average "Suspect" Size Mortgage Soars

"In 2013 alone, refusing to insure the mortgage twice a week on suspicion of fraud; the average mortgage is $ 360,000."
Stat fraudHere an interesting definition of the Globe and Mail story recently:
Oakville, ON-based First Canadian Title (FCT), a leading title insurance company, saw roughly the same number of suspicious mortgage transactions in 2014, but with one big difference.
"The possibility of rising house price factor and fraudster feel confident that their mortgage application will be seen as 'average' in the market, and hopefully fly under cover," said spokeswoman Wendy Rinella FCT. "We know they did their research."
FCT record high for the average size of suspicious mortgage is actually higher in 2010 ($ 618,794), but, "The trend is that they dropped in recent years from 2011 to 2014," said Rinella.
The average mortgage size involved in shady deals skyrocketed from $ 360,000 in 2013 to $ 560,000 last year. Changes it seems almost too big and too fast to believe, but that's what FCT statistics show.