It's no secret that mortgage lenders have been tightening up their purse strings in the last little while. A clear sign of this new conservative attitude can be seen with the recent layoffs at Xceed Mortgage, which resulted in two-thirds of their staff being let go. Unfortunately, desperate times can mean desperate measures, which has given mortgage fraudsters the opportunity to move in on a distressed area.

Recently, I've noticed an increase of questionable deals around the industry, and it's prompted me to implement new measures to fight fraud. These changes are as follows for new clients:

1. You must identify how you were referred over to my office. If you were referred by a known client/agent/broker, we will require verification from that person. A retainer may apply depending on the circumstances of the transaction.
2. If you were referred by an unknown person or from general advertising, a $500 retainer will apply prior to the commencement of any work.
3. In both situations 1 and 2, you will need to produce valid identification prior to the commencement of any work.
4. If we receive paperwork on your matter and cannot ascertain how it was referred into my office, we will make attempts to contact you. If we do not receive a response within 2 business days, the file is marked as possibly fraudulent and any financial institution involved is notified forthwith. If a mortgage broker or agent is involved, the Financial Services Commission of Ontario may also be notified.

Let this entry be notice to anyone looking to any deals that aren't legitimate: It's not going to happen so don't waste your time asking me. I never did it before, and I'm not going to start for anyone.