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BFCSA
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MORTGAGE
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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.
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Whistleblowers' Corner!
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Denise Brailey
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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BFCSA: We warned Brokers selling bank products, Banksters have made YOU the Scapegoat!!!!
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Dear Mortgage Brokers
You will all become the prize bunnies under the new NCCP laws. Why? Banks made onus on you to verify documentation, even though you do not have the resources, the training or qualification and are not licensed to do this task.
Even though same laws apply to Banks (and have for years), ASIC is taking NO ACTION AGAINST LENDERS. Instead ASIC will ignore the piece of legislation that says the Banker is responsible for verification of loan documents and instead ASIC will ping a few Brokers.
THIS IS A CRIME SCENE INVENTED BY THE BANKS.............................and in crime - there is always a scapegoat.
Look in the Mirror..........................say three times; "The Banks are setting me UP. Approval of loans is the duty owed by the Bank to its customers under s27.1 of the Bankers Code....Banks owe that duty, not me, but I am being made the SCAPEGOAT."
Then write to ASIC and tell them: "I do not approve loans."
OK So I guess its up to BFCSA to produce A WARNING TO BROKERS, to HELP them. The MFAA are not going to do anything about this deliberate bank set up. Many of MFAA Members are the very lenders we complain to COSL about for approval of imprudent lending.
The FRAUD Is carried out the by the CREDIT ASSESSORS who tweak the SERVICE CALCULATORS. Its not a TECH GAP - ITS A BANKSTER SET UP!!!!!!! We know whats going on.................................This email address is being protected from spambots. You need JavaScript enabled to view it.
Parmjit Singh yesterday had his license cancelled by ASIC after he “failed to verify payslips, bank statements and employment references in circumstances where suspicions should have been raised as to whether these documents were valid”.
ASIC’s guidelines require that brokers take “reasonable steps” to verify income and other documents, but QED Risk Services director Greg Ashe says a lack of technology makes this difficult for many brokers.
“There’s a resources gap between what the brokers have got access to and what the banks have got access to,” says Ashe.
“A broker might have absolutely no idea and no way of knowing that a particular bank statement is fraudulent, but the banks with their technology and the information sharing between them might do - and then the broker gets flicked for it! Now that’s tough.”
Ashe has seen a number of instances, especially when the major banks are involved, where a broker has lost their accreditation for failing to pick up false documents – even though they may not have the resources to do so.
Otto Dargan, director of the Home Loan Experts, says this has been a real issue for brokers in the past.
“The key thing for us is it would be really good if we could have a contact at each of the major lenders where we could verify documents. They do this with each other; If CBA receives a Westpac statement and they’re unsure about it they can email it to somebody at Westpac and they’ll just come back and confirm it.”
Dargan says he has requested this from “a few” lenders in the past, with no response. In the case of one particular statement they asked for verification on, the bank initially said they would help and then failed to respond to emails and phone calls on the topic.
“We’re making an effort, when are they going to make an effort?” said Dargan. “I understand there are privacy concerns but it would be really good if brokers and banks could work together on this.”
ASIC urges brokers to familiarise themselves with their obligations under RG209, which gives guidance on what brokers can do to ensure “reasonable steps” are taken to verify a consumer’s financial position.
“The obligation to make reasonable inquiries, and to take reasonable steps to verify information, is scalable—that is, what you need to do to meet these obligations will vary depending on the circumstances,” said an ASIC spokesperson.
“A broker should not facilitate the provision of suspect information to a prospective lender, and should consider referring evidence of fraudulent conduct to the police.“
Examples of situations where suspicions should be raised around the validity of documents include inconsistency in letterheads (eg ABNs, colour, graphics etc) and where the salary listed with a specific occupation raises suspicion, said the spokesperson.
While Ashe admits that the seemingly vague guidance on the issue can be a problem for brokers, he says the key is to “go with your gut”.
“I think brokers are used to rules, and with this whole world of NCCP comes this thing called ‘principles-based legislation’ whereby they don’t set rules they set ‘guiding principles’ and then they throw in words like ‘reasonable’, so it’s up to the individual to work out what they think is reasonable in the circumstances,” says Ashe.
“On the other hand when I start talking about it with a group of brokers, especially the experienced guys, it usually gets to the point where I say ‘Come on guys, you’re all really experienced, you’re really good at what you do, stick your hand on your heart and tell me you don’t know what’s reasonable and what’s not’.”
If brokers are concerned about their ability to verify documents, they should call on their aggregators to help, says Ashe. They often have similar resources as some of the banks and a good understanding of the issue as a whole.
Overall, however, he doesn’t think the issue is something brokers should get too hung up on.
“Don’t get stressed about compliance, it shouldn’t be hard,” says Ashe. “If it’s too hard, you’re doing it wrong. Go with your experience and go with your gut.”
Comments
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Wednesday, 19 March 2014As predicted it's now the turn of the brokers to realise they were all set up like a row of sitting ducks. Not liking having all that poisonous venom hissed at them in the continuing drama of castles in the air any more than we like now being accused of being liars by bankster lawyers!
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Thursday, 20 March 2014
All BROKERS protecting fools by not using one word "TRUTH"
Well well well Brokers are you starting to see how the sting plays out, the Banksters and the Regulators ASIC and FOS are all pointing their very crooked fingers right at YOU. Just like a wartime UNCLE SAM poster (fitting seeing as though those crooked YANKS set this up as well) the BIG finger is pointed right at ya, you all remember how it went UNCLE SAM NEEDS YOU, except this one says BROKER, YOUR BANK NEEDS YOU to take the blame.
Of course you have one thing in your kit bag that can save you miserable existence now that the Bank handouts, oversees incentives, massive bonuses and huge trailing commissions, free lunches and glamorous sell sell sell functions have all dried up. Yes something you may all have trouble getting your heads around, just one word "TRUTH" try using it, it may just save your what will very soon be similar to us victims (your original prey) futures from being terminal.
From all the bad you produced as Brokers peddling toxic BANKSTER generated products you have now got the opportunity to right your wrongs, lay the facts on the table save yourself and your victims anymore grief and point the BIG finger squarely back at the perpetrators. The Banks need to be exposed and you Brokers need to be brave enough to do it if you don't the Banksters will not protect you they will simply savage you and turn you into victims and stack your bodies along side the customers they have already destroyed. Sorry to put it so bluntly Brokers but this is a WAR, Banksters DO NOT TAKE PRISONERS THEY JUST LEAVE CORPSES. Brokers your future is limited as your use by date is now up the BANKS will simply move you aside and invent a new form of marketing or employ their own "Sales Representatives" to go out into the market place rendering YOU redundant. The strategy changes all the time for Banks and you were just a tool for that element, now that it is being exposed all be it slowly they will create a new way and YOU BROKER are not included. The only thing the Banksters have in stored for you guys now is for you to take the rap. Stand up state your case or become a victim.
I cannot understand how you Brokers have not seen this coming. How trusting you were, foolishly so. What makes you all tick. You have to know that if it seems too good to be true it will be. You know the old money making scams. Well you guys and gals are up to your neck now. You must be feeling pretty stupid really. A magnificent con which you all fell for. The courts love to lay blame on you all. Just ask anyone who has gone through the Supreme court system with their lenders. I feel sorry for you all to be left in this position by the bankers which promised you so much.