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FAST, nMB add credit reports to toolbox

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Australian Broker | 14 Aug 2009, 09:29 AM Agree 0
Brokers at aggregators FAST and National Mortgage Brokers (nMB) will be able to check the credit worthiness of their clients prior to submitting a mortgage application, after both signed agreements with credit bureau, Veda Advantage.
  • Tony Safoulis | 14 Aug 2009, 11:43 AM Agree 0
    These reports are part of most software platforms aggregators provide at the moment.
  • Martin Rollins | 14 Aug 2009, 07:22 PM Agree 0

    Is this a story ?

    Mortgage Managers have been performing Credit Checks.for years.... and employment checks, valuation ordering and mortgage contract ordering.

    The real story here is how the costs associated with performing these actions are being shifted to the broker...... very clever FAST and NMB, nice way to spin the story guys.

    I particularly enjoyed the "day-to-day efficiency and acknowledgement to further improve submission quality"... whilst leaving out the costs savings including Labour.

    Loved that, had me in stitches.... that's just how I would have spun it, and conveniently left out how brokers will now pay for Annual credit system access fee's, direct debits fee's charged every month to every broker for monthly invoices for each and every credit check.... my question on behalf of these brokers is, will FAST and NMB increase the commissions payable to brokers to off-sett the extra costs they WILL wear while FAST and NMB save and enhance their own margins ?

    But don't tell me, I know already.... FAST and NMB are just looking out for the best interests of their brokers.

    (and saving tens of thousands a year by shifting the expenses to brokers)

    Whoops, did I blow the whistle.


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