NOA revisions, already up for re-revisions?

Hax

Are the recent revisions the Canadian Revenue Agency made to the Notices of Assessment (NOA) really that bad?  Well no, they’re really quite good.  In the way that they have become user friendly that is.  They have become simpler and less cluttered, and all around easier for the general public to understand.  However, there is some speculation (specifically with the Canadian Mortgage Brokers Association or CMBA) that the revisions have made them easier to forge and use for mortgage fraud.  Fraud has always been a major concern in the mortgage industry (along with many other financial based industries) and the risks present take away from the public’s trust in financial institutions.  The issue with the NOA being revised to be simpler for the general public is that it has also made them simpler to falsify.  Fraudsters may get loans/mortgages that they would not normally qualify for.  Because of these worries the CMBA started a petition to add additional safeguards to the NOA.  This is certainly something the CRA should consider.  Though it may cost them some money to make more revisions and update the forms, what it would provide in security would be invaluable.  While they might not be making money off of the safety revisions and NOAs themselves, they would be helping to bring balance to the force—I mean economy.  Basically put a little more time and money into this piece of paper and get even more successful and secure NOA forms and a healthier mortgage market and overall economy.  This will infinitely make the lives of mortgage brokers and other financial institutions easier when it comes to making sure their service isn’t being used for fraud, and just make the lives of anybody who has to rely on these forms just a little easier.  Except for maybe those who have to edit it, just a little more.

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