This week saw ASIC take action against fraudulent operators, an aggregator exec take on a new role and resurgence of low-doc lending.
Making news on Australian Broker this week, ASIC announced it would ban a New South Wales broker
who was found to have falsified loan documents worth millions of dollars. This wasn't the only ASIC drama this week, as the watchdog also announced a Melbourne broker pleaded guilty
to a $110 million home loan fraud conspiracy.
In more positive news, the MFAA
announced the appointment of AFG
executive director Malcolm Watkins
to its board. The move follows the recent announcement that Cynthia Grisbrook would take over as chairman.
In lending news, data from the ABS showed that investors were still active
in the market, in spite of regulatory attempts to cool demand. And low-doc loans have also seen a resurgence
, according to a report from the Australian Financial Review