BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Australian Broker News by AB | 29 Nov 2013 Italy plans to buy a Mediterranean island back from CBA’s chief information officer less than two months after he bought it.Michael Harte paid $4.34 million for the tiny island of Budelli at auction last month. In August the CBA reported annual earnings of $7.8 billion - the biggest-ever profit for an Australian bank.Budelli is part of the La Maddalena island group which lies between Sardinia and Corsica. The pristine island is a national park, renowned for its famous pink sandy beach on the island’s southeast side.But Italy's Senate has now passed a special dispensation which would allow the state to buy back the island.The Government has until January 8 to decide whether to claim Budelli back for its original asking price under a deal in which Mr Harte would be reimbursed."The island of Budelli could finally return to public ownership... to our immense satisfaction,'' said a...
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  • doyla66
    doyla66 says #
    ..." Mr Harte, who says he is a committed conservationist, was aware before the sale that the State could reclaim the island withi
  • doyla66
    doyla66 says #
    Michael Harte CBA "opinion - I almost spilled my coffee all over my desk last week when I read the Commonwealth Bank’s annual re
  • doyla66
    doyla66 says #
    Hell, I would not like to be on the same island. YOU WOULD HAVE TO WATCH YOU BACK ALL THE TIME. !!!!!
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Just received an email from FOS saying they still haven't had contact with the CBA. Why have they been given another opportunity when they haven't even contacted FOS with an explanation? Could it be that they are up to there eye balls with more pressing matters? Editor:  Banks can ask for an extra 28 days any time they wish.  Whilst the hapless consumers are threatened with CLOSED FILES if one day late over deadline.  The EDR's know the BANK SHARKS ARE CIRCLING and causing confusion and allow them as much time as they require.   Consumers are given 14 days and have to beg for second lot of 14 days.  MISS A DEADLINE and the EDR's gleefully FEED YOU TO THE BANK SHARKS. Now wouldn't that make you grit your dentures?   Perhaps it would make you write a stinging submission to the re-opened SENATE INQUIRY into the NON PERFORMANCE OF ASIC....
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  • Denise
    Denise says #
    Hi Lisa 276 sub removed was Levitt Robinson
  • doyla66
    doyla66 says #
    Go Andy, I am not afraid of publicity. I am prepared to name the fraudsters within Nab, their legal eagles, their outside barrist
  • doyla66
    doyla66 says #
    Andy , Read the below our banks must be ( according to ASIC THE ONLY CLEAN ONES THE WORLD The reputation of the U.K.'s banking i
  • doyla66
    doyla66 says #
    Hello Robert, Because we are honest people we give the FOS all the facts and evidence we have compiled. This information goes st
  • doyla66
    doyla66 says #
    NABbed Nanna -- thinking aloud, since I have a creative thinking process...'m thinking Federal Court jurisdiction "injunction" to
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I am so excited and exploding to tell you all my latest ordeal. It excites me because of the fact Nab in all its glory are going to look the fools I have always said that Nab were.   No, Nab have not admitted their guilt, and no the stolen boat has not been found and no the LOST LAF that never existed has not been found and No Mr. Clyne has not answered my emails and of course NO NAB HAVE NOT GIVEN OUR HOME BACK and Yes the Nab's lawyers and representatives ignore me. The police report for the stolen boat  has  arrived and I will be forwarding to Nab's crew along with an account for the missing boat and trailer. Nab failed to  secure the property, just for the sake of a couple of farm gates and a padlock.  The police have been investigating the theft of the...
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  • doyla66
    doyla66 says #
    Thanks Tom and Lisa for your Birthday wishes. I will keep fighting on regardless of my age. Sometimes my body tells me I am gett
  • doyla66
    doyla66 says #
    Thanks for the Birthday wishes Neil. Don't like thinking about birthdays now. Had a good laugh at your "GET STUFFED" comment. Yo
  • doyla66
    doyla66 says #
    I hope all of NAB's cohorts " GET STUFFED" into the proverbial NAB goose as well. Happy birthday Nanna.
  • doyla66
    doyla66 says #
    Belated Happy Birthday - love your writing and your spirit - sooo looking forward to hearing what sauce you're serving with Nabbe
  • doyla66
    doyla66 says #
    Nana, Sorry forgot in the last post a belated happy birthday
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Dear members Does the mere thought of what the banksters and their parasidic lawyers have done to you cause the following effects? Do you feel nausea and sometimes diarrhea? Do you feel your heart pounding in your chest? Can you feel your blood pressure rising? Do you get dry in the mouth or get the sweats and trembling? These are just a few of the classic physical symtoms of post traumatic stress disorder syndrome. A close professional friend who is in the "trade" said i'ts usually the military you hear about suffering from PTSD but victims of crime also suffer. The classic manifestation is people are afraid or don't want to leave their homes unless absolutely necessary, they don't want to socialize anymore because the stigma of what has happened to them makes them suspicious of everyone now. They find they now snap and argue at the slightest thing thus putting...
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  • doyla66
    doyla66 says #
    Good post Neil. Everyone handles these situations in different ways but I certainly know what levels of despair that you can sink
  • doyla66
    doyla66 says #
    The banksters and brokers broke the bond of trust, the government and regulators raised false hopes in stating you get a fair and
  • doyla66
    doyla66 says #
    Excellent post, Neil, and a very important subject IMO. For those who are suffering any of these classic signs and symptoms I rec
  • doyla66
    doyla66 says #
    They are bully boys and cowards Neil. I've been thinking for a while about the symptoms of PTSD. It's a war out there and when y
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Sorry to all readers if I am boring you all with my ramblings but this is just another instance where Nab's cruelty strikes again. Today I reported to the Police that our small tinny fishing boat and trailer had been stolen from our leased land which adjoins our home property, the one we were evicted from on the 30th May 2013. We have leased this land for over 30 years. Nab absolutely busted their backsides to get a hold of our home bringing in the big gun barristers against me, an absolute novice and self litigant in court. Nab originally tried to grab the leased land as part of the home land, with bullying and deceitful antics. On the 25th July we took back possession of our home. Nab immediately took us back to court to get a further order  of possession. The 25th was a Wednesday, by Friday the 26th,...
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  • doyla66
    doyla66 says #
    I guess where there is greed there is no sense or reasoning power. Their day will come Nanna and thats the day when you will happi
  • doyla66
    doyla66 says #
    Thank you Neil and Ed for your words of encouragement. I hope that my ramblings let enough people know what the Nab are all about.
  • doyla66
    doyla66 says #
    You've got to wonder where is the sense in taking a property off someone and then not being able to sell it and allowing it to fal
  • doyla66
    doyla66 says #
    You are a brave and proud woman Nabbed Nanna and we all admire you, what you and your family have endured would of broken a lesser
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RBS unit to pay $150 million to settle U.S. SEC charges November 8, 2013, 4:32 am By Sarah N. Lynch WASHINGTON (Reuters) - A unit of the Royal Bank of Scotland agreed to pay more than $150 million (93 million pounds) to settle civil charges alleging it misled investors in a financial crisis-era subprime mortgage product, U.S. regulators said on Thursday. The Securities and Exchange Commission said the money it will collect from RBS Securities Inc would go toward compensating harmed investors. The bank agreed to settle with the SEC without admitting or denying the charges, which allege that it misled investors about the quality of the underlying loans and the likelihood they would be repaid. In a statement, the company said it "cooperated fully" with the SEC and expects to make a total payment to the SEC of $153.7 million. RBS is 81-percent owned by the British government. The bank...
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Brokers are calling on Australia’s lenders to enhance their servicing calculators.  The Adviser 8th Nov 2013 At a recent women’s roundtable, partnered by Citibank, broker attendees agreed there is often a discrepancy between what a lender’s servicing calculator says and the lender credit team’s decision. Speaking to The Adviser, Mortgage Choice’s Jane Vaughan said she will sometimes find a deal services on a lender’s calculator only to have it declined when it reaches the lender’s credit assessors. “Some of the servicing calculators and software provided by the lenders are not effective. For example, I can make a deal service with one lender’s calculator and yet that same deal will be declined by the lender when it reaches the credit department,” she said. Her comments were echoed by Aussie’s Lisa Maxwell and Pink Finance’s Nicole Cannon. Ms Maxwell said lenders should make sure their credit assessors and broker partners are given access to the...
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  • doyla66
    doyla66 says #
    Banks cultivated brokers but also saw them as disposable pawns and foot soldiers, like door to door salesmen, which is how they we
  • doyla66
    doyla66 says #
    If the calculator cant tell the true figures, get rid of the barst..d. If it cant be shown to the borrower it's a corrupt fraudule
  • doyla66
    doyla66 says #
    I may be wrong but to my mind after reading this article and blogs it further incriminates the Lenders. The Lenders have the final
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CBA was aware of fraud allegations   CAMERON HOUSTON AND CHRIS VEDELAGO 03 Nov, 2013   The Commonwealth Bank was aware of serious fraud allegations against finance broker Bill Jordanou more than five years before Victoria Police uncovered hundreds of allegedly forged loan documents that linked him to a $70 million Ponzi scheme. Supreme Court documents also reveal a senior CBA loan manager had allegedly arranged to profit from property deals with Mr Jordanou and accountant Robert Zaia, who is also the subject of a two-year investigation by the fraud squad. Several other CBA staff are also alleged to have approved millions of dollars in loans based on fraudulent documentation until 2011, despite explicit warnings about Mr Jordanou and Mr Zaia in 2007. Since then, the bank has continued legal action to repossess homes from several customers who claimed their bank loans were acquired with fraudulent documents linked to accountancy...
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  • doyla66
    doyla66 says #
    It's all a big fraud,Lisa it has been eloquently outlined in one of the submissions,when the rest of the tax paying public start b
  • doyla66
    doyla66 says #
    Five years!!! CBA - please explain - what did you do about it? Once again it took the Police to get things happening on the inves
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From: The Australian September 27, 2012         NATIONAL mortgage broking giant Aussie Home Loans has admitted it directed its brokers to destroy borrowers' loan application forms in the years before the global financial crisis. Widespread abuse of "low-doc" loans during the boom years -- and court findings in favour of aggrieved consumers stung by aggressive lending practices -- has prompted many borrowers to seek copies of the documentation underpinning their loans. However, many have reported difficulties obtaining those documents, with numerous lenders telling borrowers they are required to obtain the documents from mortgage brokers, while some mortgage brokers -- such as Aussie -- have directed borrowers to the banks.  Last month Aussie chief executive Stephen Porges told The Australian the group did not have a past policy of requiring the destruction of low-doc loan application forms. But, when presented with an email between an Aussie broker and a borrower suggesting otherwise, Aussie...
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  • Denise
    Denise says #
    Most lenders told their broker agents to shred the original LAFs. Not all Brokers did as they were commanded by Bankers. Brokers
  • doyla66
    doyla66 says #
    At least we were fortunate enough to have recieved our original wet ink copies of our LAF's back in 2009 and that was because the
  • doyla66
    doyla66 says #
    Yes Andy I am with you. Our loan app with a country Nab branch was rejected. FOS ignored this fact and covered up the sting that
  • doyla66
    doyla66 says #
    Yes, Change, great article:- ING DIRECT' credit assessor(CA) "securely destroyed" my original LAF after FAXING to its master ING D
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Posted by on in Bankers A Law Unto Themselves
In the Australian today Judge John Sackar slammed the CBA for not paying the $39,000 interim costs which Mr O'Brians Bakota Holdings was awarded against CBA owned Bank West.  The good Judge said that banks "should pay what they owe".  He also said CBA was "wasting its time and money" on legal battles.  Mr O'Brien had sent the sheriff to CBA's headquaters to seize property and good to the value of the debt but was sent away by Richard Jakeman, the "administration assistant" of CBA chief executive Ian Narev. The banks are "too big to fail" and also it appears not subject to the same laws as us ordinary people....
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  • doyla66
    doyla66 says #
    You're right, Ali, this is anarchy. CBA thumb their noses at judges and get away with sending the sheriff away!? Who do they think
  • doyla66
    doyla66 says #
    The courts should have the power to freeze the bank's assets until the debt is paid in full. If we didn't pay our debts they would
  • doyla66
    doyla66 says #
    All banks should be compelled to pay their debts just like anyone else. They can well afford it as they are making record profits.
  • doyla66
    doyla66 says #
    Arn't they devious sods these bank crooks. Legal documents would have been served on CBA before the Sheriff appeared I would thin
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Today I checked the real estate pages for our home and the sale of it.  The price has now been dropped a further $10K. Nab certainly know how to add insult to injury and make fools of themselves and grind whatever little bit of integrity we have left into the ground.   Their original Nab valuation is now proving to be so ridiculously over valued and makes Nab look a laughing stock.  It only goes to show what kind of people Nab has employed. Obviously prepared to do anything to get that loan approved.  This latest drop now makes the difference  $120K, not bad for their so called experts.   It's called fraud in my book, just jiggle the figures around so the loan can be processed and funds provided.     This is a country property in a small rural town on 200 people not a lucrative property investment in...
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  • doyla66
    doyla66 says #
    If NAB have an obligation to keep the property in good repair, which should include mowing the grass surely, how do they get away
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Posted by on in Bankers A Law Unto Themselves
The other day I was looking at something on the web and it involved an American legal case.  The definition of BAD FAITH used, appropriately fitted the banksters conduct in their fraudulent manipulations.  BAD FAITH +++ "AGGRESSIVELY TAKING ADVANTAGE"  We have heard over and over how wonderful the Lenders are with the classic statement "Acting in Good Faith" until we are sick to our stomachs. Makes me squirm every time I hear it.   I believe that BAD FAITH ++++ 'AGGRESSIVELY TAKING ADVANTAGE' fits the bill perfectly.  Can someone please explain how: Lending funds to people who cannot afford to repay the funds is acting in Good Faith or altering Loan Applications to manipulate the income of would be customers to justify the funds is acting in good faith.  What about securing your home with the intent of taking possession of your home because the Lenders full well knows that you...
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  • doyla66
    doyla66 says #
    I share your distaste and disdain, NABbed Nanna. In good faith? What utter c#$p!! Who writes the scripts for the credit kids to sp
  • doyla66
    doyla66 says #
    Did u see that big fat 'porkie pie' face taking a lend of us all.. yesterday...records profits = ANZ making record 'porkies'?
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Well Folks Its that time of year again when the banks announce their record profits. ANZ kicked the ball off this morning by stating they made $6.8 billion and the other three majors will soon follow. The rest of the worlds banks must look on in envy that a country with such a small population by world standards and in light of the GFC can prosper so readily. Labor politicians take credit for setting us up as not to fail or fall victim to the GFC, the Coalition take credit for the Howard and Costello years of getting us into surplus and thus creating a buffer to the GFC, the banksters take credit by stating good management and forward planning saved us and the regulators state that they protected us by being diligent watchdogs. When you cut through all the b/s its a wonder we survived at all. The problem with...
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  • doyla66
    doyla66 says #
    I like to know how Bank profits keep rising? If we can trust what we read in the media and elsewhere: - Interest rates are falli
  • doyla66
    doyla66 says #
    I agree with you Neil I to would love to be questioned at the Senate enquiry and have my old moosh in shots. Seems totally illogic
  • doyla66
    doyla66 says #
    Obscene profits for one bank and with our population. All the better, so start paying out to borrowers for the FRAUD you have all
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$US13 BILLION .....................  is how much JP Morgan, America's biggest bank, has agreed to pay to settle claims that it mis-sold bundles of toxic mortgage debt to investors in the build-up to the global financial crisis. About $US9 BILLION is expected to cover penalties and $US4 BILLION will go to struggling homeowners....
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  World business Date October 24, 2013 - 8:14AM   Bank of America's Countrywide unit was found liable for defrauding Fannie Mae and Freddie Mac by selling them thousands of defective loans. A federal jury in New York this morning also found former Countrywide executive Rebecca Mairone liable for defrauding the US Mairone was the only individual named as a defendant in the government's lawsuit. US District Judge Jed Rakoff, who presided over the trial, told lawyers he will determine the amount of any civil penalty later. The US is seeking a penalty more than $US848 million ($882 million), the gross loss to Fannie Mae and Freddie Mac as calculated by its expert. Alternatively, the government argues the penalty should be more than $US131 million, the estimated net loss. After the jury left, Rakoff listened to arguments on whether he should consider the net loss or gross loss when deciding the...
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  • doyla66
    doyla66 says #
    Shares in CBA hit an all time high today - why?
  • doyla66
    doyla66 says #
    I noted in the article time frames were reduced from 60 days to 10 days for the approval process. How about Nab, they can approve
  • doyla66
    doyla66 says #
    Gotta luv ya work Judge Rakoff. So is Aust's white-labelled "HSSL" product passed-off to unwary consumers as a High Speed Sink (bu
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  September 27, 2013 - 9:46AM Clancy Yeates Banking reporter  SMH NAB's British business has been fined 8.9 million pounds ($15.2 million) after an error left customers making inadequate mortgage repayments in 2009. Overnight the Yorkshire and Clydesdale banks, owned by NAB, apologised for the error that affected more than 42,000 customer accounts. The full cost of the incident, including the fine and compensation payments, is expected to be 42 million pounds, and the bank said the 'vast majority' of this cost had been met in the year to June. The error meant customers were making less than their minimum repayment when interest rates fell. Britain's consumer watchdog criticised the bank's response, which was to expect customers to increase their repayments to make up for the bank's error. The bank has since reimbursed customers amounts owing and says it should have dealt with the incident better. Chief executive of the two...
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  • doyla66
    doyla66 says #
    Foolish, Foolish Nab. You just never do the right thing do you. !!!! It is amazing that you have any customers. You repeatedly j
  • doyla66
    doyla66 says #
    From what's coming out of the US, you can't be certain that it was not to put mortgagors in "contrived arrears" to then foreclose?
  • doyla66
    doyla66 says #
    When I went to school, maths showed that nothing was nothing. A percentage of nothing was still nothing. Adding nothing and subtra
  • doyla66
    doyla66 says #
    For comparison: Insurance is also a service. Insurance companies send out FSGs and PDFs, plus brochures etc on their products. Why
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IMF turns spotlight on Australia’s housing market PUBLISHED: 0 HOUR 2 MINUTES AGO | UPDATE: 0 HOUR 0 MINUTES AGO   The booming property market will be investigated by the IMF when it visits Australia in November. Photo: Arsinseh Houspian JOHN KEHOE Washington The International Monetary Fund will investigate any risks posed by surging housing prices when it sends a team of economists to Australia later this year. The IMF is scheduled to conduct its annual Article IV consultation on the Australian economy in November, with financial stability and the hot housing market expected to be key issues analysed. The timing of the visit will coincide with an ongoing debate among investors, banks and regulators about whether low interest rates are inflating a dangerous house price bubble. The Reserve Bank’s quarterly financial stability review, to be released on Wednesday, will provide more guidance about the bank’s views on the market. News of the visit comes after the IMF...
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Story by Rick Ungar 27 July 2013   Katie Barnett, a 36 year old nurse from McArthur, Ohio, made the mistake of taking her family on a two week trip last month, never realizing when they left home that they would return to find the family residence ransacked, emptied and, for good measure, the locks to the doors changed. A burglary? Or maybe, as the local police theorized, the work of squatters who had taken advantage of the open domicile to have a two-week vacation of their own? It turns out, the home invasion was far more insidious than either the Barnett family or the local crime sleuths could imagine. You see, the Barnett family had fallen victim to one of the most dangerous, dreaded and ethically challenged genres of home invaders in the nation—bankerus moronicus piggius. Apparently, The First National Bank in Wellston, Ohio had set their sights on repossessing...
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  • doyla66
    doyla66 says #
    Not everyone is suitable to run a bank. You need special qualifications to do this. Unless you're greedy with no morals, dishonest
  • doyla66
    doyla66 says #
    What an idiot! The Bank President gets the total DH award for abysmal customer service. All over $18,000 damage which his clowns c
  • doyla66
    doyla66 says #
    I suppose the only way to have everything restored is to take the crooks to court. You can bet your life they will still make it h
  • doyla66
    doyla66 says #
    Maria; ING DIRECT relied on its agents report spuriously asserting property 'vacant' @3.20pm/23 April, 2013 when tenant "vacated"
  • doyla66
    doyla66 says #
    Empty between the ears, i like that
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Posted by on in Bankers A Law Unto Themselves
Comment from Margaret, a BFCSA member that I'd like to share with you all.   "I have no doubt about the good outcome of this.   We are in a time of transition, with old, archaic institutions of power/greed falling at a great rate of knots.....banks are no exception.   They've had their 15 minutes of fame (as Andy Warhol stated) – its now truth time!   ..." However the point I want to make is that people from all walks of life are changing how they view the ‘Big Boys”.  All people, no matter what they do, are now becoming interested in knowing the truth and people power is happening.    They just have to get over the stumbling block of fear."   Margaret, I couldn't agree more ... NOW is truth time   ...
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  • doyla66
    doyla66 says #
    So true! I've noticed this happening on Twitter and Facebook as well. It was amazing to see people "getting it" in the lead up to
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Calculator, credit assessor discrepancy unacceptable 30 August 2013  By Jessica Darnbrough Brokers are calling on Australia’s lenders to enhance their servicing calculators. At a recent women’s roundtable, partnered by Citibank, broker attendees agreed there is often a discrepancy between what a lender’s servicing calculator says and the lender credit team’s decision. Speaking to The Adviser, Mortgage Choice’s Jane Vaughan said she will sometimes find a deal services on a lender’s calculator only to have it declined when it reaches the lender’s credit assessors. “Some of the servicing calculators and software provided by the lenders are not effective. For example, I can make a deal service with one lender’s calculator and yet that same deal will be declined by the lender when it reaches the credit department,” she said. Her comments were echoed by Aussie’s Lisa Maxwell and Pink Finance’s Nicole Cannon. Ms Maxwell said lenders should make sure their credit assessors and...
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  • doyla66
    doyla66 says #
    Another bizarre broker story ... interesting to read. If the lenders and Banks provide the calculator used by the brokers, why ha
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