Weekend Wrap: ASIC stands with MFAA

by AB04 Jun 2016
Making news this week ASIC commended the MFAA for educating Fairfax on broker commissions; a non-major lender told brokers non-resident borrowers are 'unacceptable'; and another non-major committed to speedier turnaround times.

Speaking to brokers at the MFAA’s Broker 2020 series in Sydney, ASIC senior manager, deposit takers, credit and insurers, Kevin Foo, said MFAA CEO Siobhan Hayden was right to correct the Australian Financial Review (AFR) after it published a column claiming standards in the mortgage broking industry continue to lag those being imposed on financial planners.

“Your CEO, Siobhan Hayden, came out and quite rightly pointed out to the AFR the differences in remuneration between the two industries,” Food said.

In a confidential note sent to broker, AMP Bank announced much tougher lending condition on foreign buyers. The non-major classified non-resident borrowers as an “unacceptable borrower type” and also toughened criteria on foreign lending income from nine currencies, in particular the Chinese Yuan.

Finally, ING Direct announced a new partnership with ZipID to help streamline its verification process and speed up loan approval turnaround.

The partnership will speed up the application and approval process by simplifying ID verification, improving turnaround times by up to three days.