FSRA has been working on updating its guidance on requirements for mortgage professionals on fraud detection and prevention for some time, Leung said, working internally and speaking with stakeholders on reasonable expectations for the sector.

Some of the explicit actions suggested and highlighted in FSRA’s guidance are already in place and common practice, such as requirements for verification documents and clients’ identities. Still, Leung encouraged interested parties to provide feedback, with the window for comments and new suggestions open until April 26.

Another trend that’s been a big focus of the regulator where mortgage fraud is concerned has been crime perpetrated by firms or individuals that are not FSRA-licensed.

“We want our sector to do their part in helping somebody recognize that there are frauds out there that are being carried out by people outside of FSRA’s jurisdiction, or outside of the sector,” Leung said.

“In the event that we become aware of those, obviously we work with other law enforcement agencies who have jurisdiction over those parties, and then they would take action as appropriate. And then for us, if we get credible reports of fraud that involves our licensed individuals and firms, of course we’re going to review and take action if we need to.”