The Mortgage Fraud Forum has been established by the National Fraud Association (NFA) and the Metropolitan Police.

It aims to develop an up-to-date understanding and awareness of the tactics which fraudsters are using and it includes lenders, solicitors, surveyors and trade bodies such as the Council of Mortgage Lenders (CML) and the Building Societies Association (BSA).

The Forum has emerged from findings in the NFA’s recently released report, “Working Together to Stop Mortgage Fraud”, where it was estimated that the annual value of mortgage fraud is £1bn.

The NFA believes the figure may rise without industry co-operation and it has made a plea for all organisations to continue to fight against fraud.

Bernard Herdan, chief executive of the NFA, said: “Combating mortgage fraud is a key priority of the NFA in our strategy to make the UK a more hostile environment for fraudsters. We can only beat mortgage fraudsters if all organisations involved in the mortgage market, both public and private, work together.”

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Mike Bowron, commissioner of the City of London Police said: “Through these partnerships we are creating a more secure mortgage system and helping raise awareness of the threat this crime poses to both lenders and borrowers.”

Steve Wilmott, head of the fraud and confidential intelligence bureau at the Solicitors Regulatory Authority, said: “Multi-agency working and information sharing helps us to take prompt action and discourage others from becoming involved.

“We therefore support the NFA’s call for both public and private organisations in the mortgage community to be vigilant about potential increases in fraud and to work with us to address the threat of this multi-million pound crime.”