Naylor plays down prevalence of fraud

by Caroline Dann15 Aug 2012

MFAA's CEO Phil Naylor has discounted allegations of low doc fraud being rife in the industry.

He told Australian Broker Online "very few" of the complaints the MFAA has processed have involved fraud.
"You would expect, if low doc fraud was as rampant as is suggested, we would have been inundated with low doc fraud complaints."
He claimed low doc loans were just a small proportion of all loans signed by brokers. 
"The other thing to remember is that while low doc loans gained popularity in the past decade, they have never constituted a major proportion of loans written."
Naylor played down the effect such allegations, made public on Monday in The Australian newspaper, would have on the public perception of brokers.
"I think the overwhelming good support that consumers give brokers overrides stories such as this, and most people will see through the exaggerated allegations," he said.

Related news:

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Resi defends its actions after fraud claim


  • by Country Broker 15/08/2012 10:18:38 AM

    phil Naylor is correct in his comments lets not forget this last loyt of lo doc fraud was a rouge BANK MANAGER not a broker !!!

  • by Broker 15/08/2012 1:19:52 PM

    Surely the obvious solution to avoid a reoccurrence of this issue is to,
    (a) Force all Bank Managers into mandatory MFAA membership,
    (b)Force Bank Managers to complete their Diploma ASAP
    (c)Force Bank Managers to fill out page upon page of useless compliance docs and perhaps even, heaven forbid a “brokers practicing certificate” would’ve surely assisted here too!...
    (d) Make Bank Managers attend useless PD days to satisfy the also useless PD point scoring exercise.

    Oh, the hypocrisy!!!

  • by Faud Broker 15/08/2012 5:31:43 PM

    Really????? YOUR WRONG