GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
728370

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Lee Doyle

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA; Brokers are being warned against 'predatory' lenders

Posted by on in Bankers A Law Unto Themselves
  • Font size: Larger Smaller
  • Hits: 2040
  • 2 Comments
  • Print

MFAA warns brokers against 'predatory' lenders

by Mackenzie McCarty | 28 Aug 2013

Commercial finance brokers are being warned to watch out for ‘predatory’ lenders, with MFAA president, Phil Naylor, saying some broker members have noticed ‘sharks’ circling in the sector.

“It’s mainly in the commercial finance area – not so much the mortgage area – and it’s a trend that members on our…commercial finance panel committee have noticed,” Naylor tells Australian Broker.

While the MFAA isn’t able to provide any names due to defamation laws, Naylor says the fact that there’s no regulation in the commercial area is likely attracting unscrupulous lenders.

“We’re in a [tight spot] because we lobby very strongly to the government that there shouldn’t be any regulation in commercial finance. It just shows there are some small lenders on the fringe, in the commercial area, who are acting in a predatory way.”

He’s also quick to note that brokers are not believed to be working alongside the shady lenders, but rather are being duped right alongside their clients.

“Basically, the modus operandi is to charge large up-front fees and then not deliver and unfortunately, the client gets burned - but the broker who’s caught in the middle gets burned as well,” he says.

“The reason it’s come to our attention is brokers are complaining about [the lenders] because they’re concerned that they’re ripping off customers, but also giving the broker a bad reputation because…the consumer feels that somehow the broker’s let them down.”

The MFAA plans to publish an article in the October edition of their magazine, outlining how commercial finance brokers can identify dodgy lenders and avoid them.

http://www.brokernews.com.au/news/breaking-news/mfaa-warns-brokers-against-predatory-lenders-178666.aspx?utm_source=Australian+BrokerNews+eNewsletter&utm_campaign=bb8879c81a-ABNewsletter&utm_medium=email&utm_term=0_7af1e9f6de-bb8879c81a-43558466

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Thursday, 29 August 2013

    Our business loan in 2007 was organised by a Broker. We later learned after contacting MFAA that they had no record of him nor any accreditation details. That did not worry Nab though in 2007. Between the crooked Broker and the greedy Nab DBM a business loan was offered although we did not complete any LAF. or sign any documents for the Broker to act on our behalf. Nab never made contact just marched ahead with a predatory loan offer. We were stitched up in nothing flat. A long and sordid tale full of manipulation, deceit and fraud.

  • doyla66
    doyla66 Sunday, 15 September 2013

    How bizarre!
    Brokers complaining about predatory lenders!
    What about predatory brokers?
    Phil is still scared to name names because of the fear of legal action. I hope his brokers have gone onto social media to warn consumers? Probably not that socially responsible.
    So the point of this article is to show how brokers and borrowers are both potential victims of predatory lenders?
    Good. At least that part is still true, even in home lending.
    A team of informed "mystery shoppers" applying for loans could blow the lid off current doings at the entire lending industry dump. Regulation still looks pretty limp and lame. It's all still business as usual ... on the way to the next property boom ... or buying real estate on the Moon ... at present equally insane ventures IMHO

Leave your comment

Guest Saturday, 15 August 2020