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The FSRA web site, states the following: “Mortgage fraud can be a criminal offence when someone – [a client], a mortgage broker or agent, a real estate agent or a lawyer – misrepresents, lies or exaggerates information to obtain a mortgage that would not have been granted if the truth had been told. According to Equifax (January 2017), suspected fraudulent mortgage applications have increased by 52 per cent in Canada since 2013, with Ontario seeing the majority. Mortgage fraud can also occur when unscrupulous people in the home buying process take advantage of homebuyers by charging unlawful fees or inflated interest rates.” Mortgage originators, as the first and main contact with a borrower, have a particular duty to detect fraud. The mortgage industry has undertaken other initiatives to enhance the level of professionalism in the industry. Mortgage professionals who are members of Mortgage Professionals Canada must adhere to Mortgage Professionals Canada’s Code of Ethics and the Canadian Code of Advertising Standards. Principles regarding consumer protection also underlie sound marketing strategies to help consumers meet their needs, while also serving the goals of the mortgage professional. Finally, the issue of protection of individuals extends to the protection of the mortgage professional as well as consumers. Mortgage professionals may hold Errors and Omissions insurance to protect themselves against claims arising from negligent acts or errors and omissions committed in the performance of services to a third party - the consumer. This type of insurance ensures that there is money available to pay for consumer losses resulting from any negligence on the part of the mortgage professional.