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Banks urged to supply ‘play back’ for loan applications

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Miklos Bolza | 22 Feb 2017, 08:25 AM Agree 0
The Khoury review has said banks should be obliged to let credit applicants check all information submitted prior to signing
  • Fadi Roumieh | 22 Feb 2017, 08:57 AM Agree 0
    Only the majors produce application forms that don't contain the submitted information. Lenders like Liberty reproduce the application data for the applicant to review and confirm before submitting.
  • sigh.. | 22 Feb 2017, 09:30 AM Agree 0
    This already happens....
  • ed ridge | 22 Feb 2017, 09:36 AM Agree 0
    Seriously when you get someone to do a review can you make sure that they know about the industry or at least can find out what happens. Most lenders (except as stated above the majors) supply a copy of the application with mortgage documents. As a broker I provide a copy of the application to all clients before submitting the deal.

    Instead of more !@#$ like this why don't we educate the customer that they should not sign anything they haven't seen.
  • Geoff Kendall || Ezidox | 22 Feb 2017, 09:44 AM Agree 0
    Seems very sensible and an easy way to minimize the risk of any document "support" activities once the customer sends their information. Of course if the customer documents were passed straight from customer through the broker and on to the lender with a full audit trail and visibility by all parties, such doctoring of docs becomes more difficult.
  • marty | 22 Feb 2017, 11:00 AM Agree 0
    I understand the theory but disagree sorry. The consumer doesn't understand that some income wont be allowed, some will be shaded etc. It will just confuse the matter. Then you have the situation where there is a bank error in occupation etc (Westpac is very guilty of this) and the customer rightly wanted it fixed but there is only 2 weeks to settle etc etc.
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