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Brokers not necessary - too costly a system and riddled with Bank Approval Fraud

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Mort, You are all the right track in regards to the Broker/Banker Relationship.  Members and guests always bear in mind that Brokers are a created industry which really should not be necessary. If Banks/financial institutions were more efficient there would be no need for this industry. As such Brokers income is derived from on selling and very handsomely in most cases.  While this industry helps keep employment figures on track it is at the expense of the Aussie mums and dads and families. With this in mind it seems to indicate that without the Brokers, loan/money would be available at a reduced interest rate for customers directly from the bank/lender.   Remember Brokers do not have  the ability to approve or make a decision of the money/loan approval. Brokers cannot provide the money for a loan, credit card etc.  Brokers are under the instructions of a Financial Institution and cannot act or make decisions without getting instructions from the banks/lenders.

Brokers income is generated through wages, commissions/payments from the financial institutions whether a percentage based income or a fixed income and can be ongoing for the life of the loan. Banks/lenders instruct the Brokers.  Bank/lenders supply the tools,computer programs, training for the Brokers.

Banks instruct the Brokers as to what legally binding paperwork is required from the Broker and client. Banks/lenders cannot consider approval of loan/money without these legally binding documents.    

Brokers must supply their accreditation details to all clients and which financial institution they are accredited with. 

Brokers must supply client signed authorities to the financial institution which gives the Broker authority to act of behalf of the client else the Broker is acting illegally and breaching Privacy and Anti Terrorism Laws.

Banks/Financial Institutions must have these signed documents in their possession and be able to produce them if requested as part of the Loan Application File albeit the same illegal breaches above.

It is illegal for Banks/Financial Institutions to receive personal,private and financial information from the Broker without these completed and signed authorities. as above.

Multiple clients for one loan must all sign the authorities. Not one of the applicants but all of the applicants.

These are some of the things I have learnt the hard way and I'm sure there are many more I am not up to speed with.

NAB blatantly ignored all the above in our case.  Nab went ahead without any authorities. The Broker illegally sent through private, personal and financial details without our knowledge or consent.Nab accepted all the private, personal and financial information without authority.  Nab's deceptive methods had a loan approval in a few days. Nab and the Broker had a long association with each other as the Broker was an ex Nab Bank Manager. Nab forwarded all emails and information, letters to the Broker not us.  Nab never made direct contact with any of the applicants either by phone, email or in person. Nab's security relied on our family homes. Nab utilised city based property loans assessment for the value of the country properties. Nab relied on over inflated property values. Nab did not take into account the indebtedness to Nab we already carried. Nab do not have a Broker/bank loan application file they have stated after an extensive search which lasted for weeks, Nab have lost both the electronic and hard copy of the original loan application at a country Nab Business Branch again this was after an extensive search and after I provided dates, branch details, names of Loan Officer and evidence of phone contact with the country branch. Nab have denied that there are different criteria for country based loan assessment and security requirements. Nab unilaterally an extra loan applicant without his knowledge or any contact with him of any sort. Nab altered income details and employment details of 2 of the applicants. Nab never acquired Taxation details from previous years for all the applicants as per their own Conditions Precedent on the Loan Approval. Nab never acquired Sickness and accident insurance of the applicants as per their conditions precedent. Nab's confused  the applicants relationship to each other and had a brother married to a sister. Nab omitted one of the applicants caused by their confusion. Nab Loan Officer lied, when I discovered a problem and he commented " Just sign the documents I will find out and get back to you and fix it up" the loan was due to be drawn down in a few days. Never happened still have no answer some 6 years later. 

THE KICKER OF THIS IS;  NAB NEVER HAD A LOAN APPLICATION FILE. NAB SPENT WEEKS AND WEEKS LOOKING FOR SOMETHING THAT NEVER EXISTED.  NAB ACTED ILLEGALLY. THE BROKER ACTED ILLEGALLY. THE BROKER RECEIVED AN ONGOING COMMISSION. CANNOT FIND HIM ACCREDITED WITH ANYONE. NAB MUST BE SO DESPERATE FOR PROFIT FOR THE SHAREHOLDERS.  

NAB HAVE TAKEN OUR HOME AND ARE STILL BULLYING AND HARASSING  US THROUGH THEIR MORTGAGEE AGENT NOW WHO ACTS UNDER INSTRUCTIONS OF THE NAB AND CANNOT MAKE A DECISION WITHOUT INSTRUCTIONS FROM THE NAB.  

 

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  • doyla66
    doyla66 Friday, 05 July 2013

    RBA governor Glenn Stevens -- peddles bank$ter propaganda.

    NABedNanna,NAB="organised-crime-gang" raping&pillaging while "RBA governor Glenn Stevens says Aust remains a "lucky country" because the GFC slowed down household borrowing and prevented Australians from becoming financially over extended." (he jokes?).

    Also, briefly, the AML/CTF Rules strictly governed by ASTRAC are interesting -- they must "CLOSE MORTGAGE ACCOUNTS -- if FSP contravened this specific AML/CTF Act 2006: -- referring to, Division 4, sec.32(1), which states;

    "Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006" ---Standard anti‑money laundering and counter‑terrorism financing program--- Part 2—Identification procedures etc. [ This is when a FSP/Lender 'authorises' their BROKER to act as its "AGENT" to fully 'comply' with the strict AML/CTF Rules ] --

    • A reporting entity must carry out a procedure to verify a customer’s identity before providing a designated service to the customer. --sec.32 Carrying out the applicable customer identification procedure before the commencement of the provision of a designated service. --A reporting entity 'must not commence' to provide a designated service to a customer if-- (b) the reporting entity 'has not previously carried out' the applicable customer identification procedure in respect of the customer."

    Moreover-- sec 89 Applicable customer identification procedures--"agent of customer", applies if-- (a) "a customer of the reporting entity deals with the reporting entity in relation to the provision of a designated service through an agent/the Broker of the customer"; and
    sec. 91 "AML/CTF Rules" --this only applies if a broker acts as "Agent of Customer", to comply with the AML/CTF Rules: --Applicable customer identification procedures—disclosure certificates.-- ". ..must involve the reporting (Lender) entity obtaining a certificate, to be known as a 'disclosure certificate', from: (c) the customer; or (d) person who is: (i) associated with the customer; and (ii) specified in the AML/CTF Rules.

    Conclusion: the "BROKER" never obtained a "disclosure certificate" from the customer at time of completing/submiting the Loan Application Form + attachments, for the simple reason it acted as the "AGENT -- FOR FINANCIAL SERVICE PROVIDER (FSP)" -- to fully satisfy the AML/CTF Rules under the "Standard anti‑money laundering and counter‑terrorism financing program". Hence, the FSP is irrefutably the "Agent of the Lender/FSP" at all material times and the FOS are pulling our strings, that is, they're full of bulls%it.

    AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by section 209.
    AUSTRAC CEO means the Chief Executive Officer of AUSTRAC. AUSTRAC information means: (a) eligible collected information;

  • doyla66
    doyla66 Friday, 05 July 2013

    Good read Andy and thanks. FOS know alright they just bury their heads in the sand the same as ASIC. There will be a break through shortly and everything we have all been fighting for, we will be rewarded. I and my husband have been to hell and back and are still being persecuted by Nab and its foxes. You know what I mean, slaughter just for the fun of it. There is no logic to this scenario it does not take a mathematician to work out the sums. Stupid Nab!!!!!!

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