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BFCSA: ASIC Blames 20 Brokers and ignores 800 TOXIC Mortgage Loan APPROVAL complaints: ASIC KNOW its Credit Assessors and BDMs in greatest INTERNAL fraudulent bank caper in our History.

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ASIC is blowing hot air, yet AGAIN.  20 complaints?  Our members sent ASIC 150 which its officers refuse to investigate.  The evidence presented with the letters shows that fraud is being carried out INTERNAL to the LENDERS The LAFs are being altered after the Broker faxes the paperwork to the credit assessors. 

ASIC knows this, as I spent 150 mins briefing the Commissioner.  Its not the Brokers.  The evidence shows its THE BANKS.  Otherwise how do we explain 100% LAF Fraud on all loans Low Docs and Full Docs?  

ASIC wants Brokers to turn on each other and trick the industry into believing its a few rogue brokers at fault.  That is false.  How do we then explain why 100% of the LAFs we have uncovered have been tampered with, after they were signed and after they were faxed?  That's why we asked all Members to ask for Bank's copy - it differs remarkably from Broker copies.  Brokers should all recommend to borrowers that they ring the bank and demand the bank's copy of the LAF.

How has that happened?  100% of Brokers etc forged the figures?  No not at all.  The culprits are internal to the Bank.  The fax marks are your evidence.

ASIC look at 20 cases and cannot SEE the Fraud!!!  Selectively blind as bats.    Peter Kell and Greg Medcraft need to be sacked immediately.  Not one was tampered by lenders?  BFCSA Members have collectively discovered that 100% of loan documentation is tampered with by Lenders, after they are signed and after they are received by Banks.

This is a corker - including the following comments re Australian Broker News Article...........................................

Fraudulent brokers in ASIC’s crosshairs

by Amy Rosenfeld | 12 Dec 2013 Australian Broker News

Following a slew of permanent bans and convictions against brokers announced yesterday, ASIC has sent a strong message to “rogue operators” in the industry.

ASIC has revealed it is currently investigating 20 cases of falsification of loan documents or applications, while stating that fraud by brokers "will not be tolerated".

Australian Broker reported yesterday that ASIC haspermanently banned two Sydney-based brokers and one former mortgage broker while announcing the conviction of another.

The announcements were released in quick succession by ASIC, and all related to falsification of loan documents or applications.

An ASIC spokesperson toldAustralian Broker the regulatory body has “identified significant falsification of loan documentation by mortgage and finance brokers” through reports from AUSTRAC, lenders, industry bodies and consumers.

ASIC has been “very active” in investigating matters of this kind, said the spokesperson.

There are currently 20 cases under investigation by ASIC relating to falsification of loan documents or applications.

“Two of them involve large, ongoing, systematic conduct,” said ASIC. “The remainder appear to involve falsification of documents on a smaller number of transactions motivated by self-benefit."

ASIC was quick to acknowledge these cases are not representative of the broking industry as a whole.

“The spike in action we have taken does not suggest the industry is faltering. However, it should act as a reminder to everyone that there are still rogue operators out there who, contrary to the majority, don’t have the interests of the consumer or the industry front-of-mind.

“ASIC will take enforcement action where brokers engage in fraud or other misconduct regarding information provided in loan applications. This is clearly in the interest of all reputable brokers, as well as lenders and consumers.”

ASIC took over the regulation of consumer credit on 1 July 2010 under the National Credit Act. Prior to this, consumer credit was primarily regulated by the states and territories under the Uniform Consumer Credit Code (UCCC).

“Since the start of the National Credit Act, ASIC has been actively regulating the mortgage broking industry. Our aim is to raise standards and increase consumer confidence, and where possible to work with the industry to drive out poor practices,” said ASIC.

“The new legislation is there to protect consumers. At the end of the day, we expect brokers to operate with honesty and integrity, and in accordance with their responsibilities.

“If brokers break the law, they will hear from us. In particular, fraud by brokers will not be tolerated.



·         Old Joe on 12/12/2013 11:24:07 AM

Would be nice to see if ASIC can pick up Foreign Buyers laundering their money into mortgage payments to get their money out of ASIA. AML placement and integration or what. And presto sell the home and its all tax free...welcome to Australia ...wonder if any bank network with no broker networks are into this.?

·         SIDBROKER on 12/12/2013 11:09:13 AM

And ASIC rattles its chain again. Is this not called job justification. Come Mr. Abbott. We can save a lot of our wasted money here.

·         Positive Broker on 12/12/2013 10:57:40 AM

We should applaud ASIC in this regard. As an honest broker I have zero sympathy for anyone who jeopardizes the integrity of this great industry. I also agree with Dave, they need to keep an eye on the mobile lenders and business managers out there to make sure they operate to the same high standards as the broking fraternity

·         GC on 12/12/2013 10:34:40 AM

Over the years it has been obvious the majority of fraud (for want of a better word) has been conducted through the banks and NOT via the broker chanel. Brokers are for the most part, honest as its our livelihood at stake so its in our interest to fiercely protect it and be honest. I am not sure why ASIC think we should be in their "crosshairs". In fact the fraud issues are discovered by the lenders and NOT ASIC so ASIC shouldnt be accepting the so called accolades for catching these idiots. It time ASIC focused their attention on the bigger problem - the banks own staff. If they are to clean up the undustry they really need to start with the banks.
I am all for eliminating the rubbish from the industry but it the eye must be cast over the entire industry and not just half because its easier.

·         Regional Broker on 12/12/2013 9:11:18 AM

This sis great news , lets get rid of the rouge elements in our industry . Big news for ASIC they are doing what they need to do at last. 

When we think about this it is also good news for the industry , 20 brokers out of 11,000 plus is a very low number , not an excuse for these rouges , just an observation.

·         Dave Robinson on 12/12/2013 9:00:26 AM

Great this is what we want/need from our regulator. Well done. Any news on ASIC tackling the fraud conducted through lenders and their branches and any news on how ASIC is being proactive in this area as the above only points to being reactive (refer comment "through reports from AUSTRAC, lenders, industry bodies and consumers").



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  • doyla66
    doyla66 Friday, 13 December 2013

    ASIC have tunnel vision on financial fraud

    I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record.
    Hitting brokers is like shooting fish in a barrel = no challenge there. That would suit ASIC fine - lazy as...
    Just like all the years that ASIC and others tried to frame borrowers for Bank misconduct and fraud.
    It looks like ASIC are plain scared to take on a real challenge, like a Bank or Lender. Of course, this would also call into question ASICs slack supervision on those Lenders in theory under ASIC supervision. (What supervision???)
    Heaven help Superfunds, now under ASIC! Expect more incompetence, more stuff ups, more negligence, more slackness, more defrauded investors, more mistakes, more hopeless letters and non-performance - from experience.
    SIDBROKER is right: come on, Mr Abbott: ASIC is wasting our money and our time. We want real results, fair dealing and honest practice. Brokers, borrowers and investors are not falling for ASICs PR. Get serious: ASIC are fee collectors, running the till, and that's about the limit of their expertise, based on facts and evidence. Hundreds of submissions writers agree.
    When is the government going to get real with ASIC? Or do they also have an investment in having an incompetent placeholder financial and corporate regulator? Only time will tell.

  • doyla66
    doyla66 Tuesday, 17 December 2013

    mortgage Frauds have been increased in 2013 i think people by their own also have to gain some knowledge about the mortgage broking or they have to join once a how to become a mortgage broker training programme so that by their own people can have some knowledge.

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