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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: AFG hits $100 billion in Low Doc Mortgages - so where are the Bank copy's of the Loan Application Forms????

Posted by on in ROYAL COMMISSION URGENT
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Aggregator hits $100 billion milestone

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by Julia Corderoy | 18 Dec 2014
 
AFG has hit a milestone today, as its loan book passed the $100 billion mark. The aggregator said this now makes it comfortably the largest mortgage broker in Australia – 50% bigger than its nearest rival.

The aggregator said it is now responsible for approximately 12% of all new home loans in Australia. It forecasts an annual revenue turnover of more than $500m and processes $4.5 billion in loan finance each month.

“Our mortgage platform business was a first for Australia. That same division is today one arm of a much larger financial services company with a wages bill of $23 million,” Brett McKeon, Managing Director of AFG said.

“We have a successful and growing property business with $300 million of projects underway; a growing securitisation arm with over $1 billion in assets that is supported by a treasury department that has issued close to $900 million.”

McKeon said the success of the business was driven by deliberate strategies to build AFG on sustainable market leading principles, to recruit and retain the best people in the industry and to reinvest in cutting-edge technology systems.

“AFG actively advocates on behalf of our members to lenders, government and regulators to ensure a level playing field and encourage a competitive lending market,” he said.

“And in turn we encourage diligent disclosure and compliance by our members which leads to better competition and in turn better outcomes for those everyday Australians looking to secure finance.

“We are one of the fastest-growing providers of holistic financial services and our brokers represent the biggest national distribution network of financial services in the country. This milestone is a real achievement for AFG, our members and our staff.”
 
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  • organza
    organza Thursday, 18 December 2014

    Try Bangalore!

    Reply Cancel
  • Louie2U
    Louie2U Monday, 23 February 2015

    This figure is mind-blowingly scary to say the least! They brag while we on the other end, just cringe.
    How much of that figure comes from 'dirty data' on altered forms/figures and the like?
    A breakdown (and not the superficial top-level crappo that gets fed out) is only still going to reveal the tip of the sinking iceberg.

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Guest Thursday, 16 July 2020