Call for second property valuation to combat fraud

The head of fraud at the world's fifth largest accountancy network says 80% of mortgage fraud could be eradicated by including a second property valuation. Simon Bevan, BDO's head of fraud and financial crime, explained the idea in an interview with Mortgage Strategy magazine. He is quoted as saying: “Most of the fraud is around buy-to-let and that seems to be because there is a shortage of rental property and it's the buy-to-let area that they are lending on. “Some 80% of fraud is in the buy-to-let market and it's the same fraud we see in commercial lending fraud. It involves a corrupt valuer and a corrupt solicitor and someone in the property market.” August 31, 2012