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ASIC concerned over building society relying 'too heavily' on brokers

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Australian Broker | 04 Feb 2015, 05:45 AM Agree 0
Building society to improve its responsible lending practices following ASIC concerns over how it was assessing home loan suitability
  • DB | 04 Feb 2015, 09:58 AM Agree 0
    Maybe ASIC need to apply these same principals to the local branch managers of some of the majors!!
  • Judy West | 04 Feb 2015, 10:11 AM Agree 0
    I think Building Societies may be relying on Broker business more, simply because borrowers are choosing Brokers over any other channel in these times of uncertainty. As with any other channel, including loans written by their own staff, the societies need to have the processes and procedures in place to verify that the borrowers are not being approved for loans unsuitable to their needs, and that responsible lending requirements are being met, but this should not be seen as a check on only third party loans.
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