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Get rid of mountains of mortgage paperwork, FBAA tells Treasury

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Australian Broker | 14 Apr 2014, 07:59 AM Agree 0
Consumers will not read the mountains of new NCCP mortgage disclosure paperwork as it stands now, says FBAA
  • Bottom Line | 14 Apr 2014, 09:17 AM Agree 0
    Most sensible thing I've heard in the last 2 years. Cudos to Peter White. Maybe I should switch from MFAA to FBAA, as these are the real industry issues.
  • QEDRisk | 14 Apr 2014, 09:47 AM Agree 0
    Hundreds of pages maybe but very little of this is for regulatory disclosure.

    Most mortgage brokers only need to provide a Credit Guide (4 pages maybe), Privacy statement (1 page) and Credit Proposal Disclosure Document (3 pages maybe). Everything else is all due to contractual issues with lenders etc and not in Treasury's control.

    Like I keep saying, if compliance is a burden you are doing it wrong!!
  • QLD Broker | 14 Apr 2014, 09:59 AM Agree 0
    Love the FBAA, continuously trying to better the broker/consumer experience.
  • Joe Broker | 14 Apr 2014, 11:35 AM Agree 0
    A definite step in the right direction.
  • Skeptikal | 14 Apr 2014, 12:11 PM Agree 0
    ABSOLUTELY!! Credit Guide (7 pages), Credit Proposal/Disclosure ((5 pages), Commission and Remuneration Disclosure (5 pages), Preliminary Credit Assessment Report (8 pages) Letter of Appointment (1 page). And that's just from the Broker BEFORE they submit the application to the lender. Then they get the Lender Documents and Disclosures on top of that. RIDICULOUS! The clients just ask "Where do I sign?"

    Yes definitely needs a rethink - me thinks.
  • You can't be serious | 15 Apr 2014, 01:13 AM Agree 0
    If this is the level of understanding of the Prescribed Documents, no wonder everyone is confused. Seriously, Peter White? I am shaking my head at the content of this article and to any Broker who is in agreement with it.
  • Yes...we are serious | 15 Apr 2014, 09:39 AM Agree 0
    All most borrowing clients want to know is ...where do I sign & how quickly can I sign it....... & the genuine clients understand that if I dont pay my mortgage I will lose my house.....thats all. The rest is 'fluff'
  • Skeptical | 15 Apr 2014, 09:45 AM Agree 0
    It's clear that confusion about what ASIC requires reigns. Perhaps the FBAA can check with ASIC and put out a sample of all the required compliance forms in template form so we are not all over compensating to protect ourselves. Everyone seems to have differing views. Maybe !you can,t be serious' can help clear up the confusion as he/she obviously knows better than most of us.
  • Regulation gone made | 15 Apr 2014, 10:26 AM Agree 0
    We poor Brokers are at the bottom of the chain & trying to keep everyone happy.....ASIC, MFAA/FBAA, Aggregators, LIcense holders, QED, Gadens, Lenders, PI providers, COSL all prescribing their own interpretation as to what needs to be done to remain 'compliant' which ends up translating into over the top cover your butt paperwork & back office processes, which the clients dont give a fat rats sniff about.
  • You can't be serious | 15 Apr 2014, 11:25 AM Agree 0
    ASIC is the only one you have to keep happy. If all the others would mind there own business, maybe "the poor broker" would learn for themselves instead of relying on someone else to do it for them.
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