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Resimac commits to specialist lending

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Australian Broker | 20 Feb 2012, 02:30 AM Agree 0
Resimac has touted its commitment to specialist lending, saying it will not rely on "promotional gimmicks"
  • WhistleBlower. | 20 Feb 2012, 11:02 AM Agree 0
    ... purely from a 'personal risk management' perspective of a mortgage manager or broker, you would be NUTS to walk into the future writing non-conforming of any type... GFCII is coming, contraction is coming, which means added pressure on SME's... and you can't predict what borrowers will do in their personal circumstances in order to adjust... and some will fall over, that's as sure as a Sydney rain storm.

    Brokers and mortgage managers caught in that space will be torn apart once that 'stuff' hits the fan..... and COSL/ASIC will drown the writer in admin, stress and accusations that "you the writer took advantage of the poor borrower".... and you'll have your business and life torn apart... meanwhile, the actual lender, will just task their big legal department to 'manage' the issue and COSL and ASIC won't tackle them... you'll cop it, 100%, and you'll be branded as a dodgy loan shark, the architect of that person's demise.... a person who by then who could win an Academy Award.

    Funders/lenders want to write non-conforming, tell them to do it themselves.

  • Leave me out of it | 20 Feb 2012, 09:56 PM Agree 0
    Mr Whistleblower
    is Dead set right!!!!
    just went through the Cosl
    Well No more for us it does not fit our prime space its in the BIN
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