Wizard repents over mortgage scam

Wizard Home Loans has promised full compensation to any customers left out of pocket by an alleged mortgage scam at its now-closed Upper Mt Gravatt branch in Brisbane. The scam allegedly involved a Wizard employee altering documents to ensure purchasers received large loans on inflated property valuations. Wizard CEO Angelo Malizis denied he had ordered an audit of all branches and said he believed “very strongly it's an isolated case”. Earlier in the day valuer Iain Herriot told a TV news service that mortgage fraud is widespread with 10-12 per cent of mortgage documents “tampered with” in some way. The Mortgage Industry Association of Australia rebutted his claims and labelled them “emotive and highly inaccurate”.