Westpac is conducting a deep dive review of mortgages the bank originates inhouse, as it seeks to ward against potential loan fraud and pinpoint any anomalies if customers lie or fabricate information on applications.
The sweeping internal project, dubbed Project Sentinel, includes an assessment of a portion of home loans that are written by the bank’s own staff rather than by brokers, according to two people briefed on the program who requested anonymity to discuss the matter. It comes amid heightened industry concerns about home loan borrowers lying or misrepresenting income and other crucial information in mortgage applications.