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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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Cant get your LAF?????? yes you can

Posted by on in Consumer Protection Disaster
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This came from Cat Woman

 

I was reviewing a loan application today sent to me by one of BFCSA members and I noticed that under the personal information collection statement it clearly states that you are ENTITLED to obtain copies of any personal information collected by the mortgage insurers and it quotes GE and PMI mortgage insurers contact details. Now absolutely they would have a copy of your LAF and this SHOULD have all the lies that the banks added after it left the broker. So if your bank say that they cant find your LAF or that it has been destroyed, your mortgage insurer will be able to help you

 EDITOR:  well said Cat Woman - lets test it out and see how decent these insurers are.........I would be fascinated at the responses.....send them to me  This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Tuesday, 21 August 2012

    If the original mortgage was with Landmark Operations Ltd (ABN 73 008 743 217) Cloister Square in Perth WA 6850 and they sold their mortgages to ANZ $16M worth for $2.4M, who would have the LAF and other docs.....Landmark or ANZ or both?

  • doyla66
    doyla66 Tuesday, 21 August 2012

    Anz would, they would also hold the titles in a security package. Although I would be certain the original loan owner (landmark) must be required by law to keep their own records

  • doyla66
    doyla66 Wednesday, 22 August 2012

    Thanks Cat Woman, now seeing that ANZ has already took half our farm just recently, I asked them for the LAF and the other list of forms we need, the ANZ would not talk to me, they said the reason was we were now being represented by a soliciotr and that they could not speak to me, she said I need to get my solicitor to get them.....means extra cost to me, they charge something like $800 an hour, is this bunkin, or should I pursue it with the ANZ. The sooner I get rid of this soliciotr who is just bleeding me dry the better. I was caught up in this before I become a member of BFCSA. Thanks.

  • doyla66
    doyla66 Wednesday, 22 August 2012

    do you know which mortgage insurer was involved? did you use a broker as he may have record of it. I have a couple of mortgage insurers privacy officers phone numbers but you will need to find out which mortgage insurer it was and get back to me

  • doyla66
    doyla66 Thursday, 23 August 2012

    Hi Cat Woman, I read all through my paperwork, no mention of any mortgage insurer, rang the Land Titles Office and all they could tell me was it was assigned to Permanent Custodians Ltd which I knew. But I found this on the net: Permanent Custodians Limited acts as trustee for the funder and is operated by financial services company BNY Mellon Australia Pty Limited. As trustee, their role is to secure assets and hold these in trust on behalf of the funder. Because of this role, Permanent Custodians Limited appears on the associated loan documentation as the lender of record and mortgagee. This arrangement is typical of non-bank lenders.
    So this is quite clever isn't it, we wern't even loaned the money from ANZ, well originally it was Landmark Operations who assigned their mortgages to ANZ for a fraction of their worth, yet ANZ wants every pound of flesh and more from us.This is a farm loan, not housing loan. I do not know how to contact Permanent Custodians, have looked everywhere on the net but cannot find a phone number for them. Thanks

  • doyla66
    doyla66 Thursday, 23 August 2012

    Sorry, yes there was a broker, will have to really think of his name, never met him just spoke on the phone, but will have his name here somewhere.

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