Latest News About NAB Launches Mortgage Fraud Investigation

NAB said on Friday it is opening one probe into mortgage fraud. The bank claims borrowers are using insiders to twist loan applications across the market. Investigators is set to look at loan officers and staff who may have changed paperwork or falsified income figures. NAB warned that scheme could touch thousands of loans and push up losses for both lenders and borrowers. The bank said it will work with regulators and tighten its own controls. Internal alerts say the fraud network is not limited to one branch and may involve several financial firms. NAB says it will keep the investigation moving.