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MFAA National Lenders Committee

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Have a look at the above minutes of MFAA National Lenders Committee ...

 

Specifically look at page 2 “Customer Complaints – BFSO”, but more importantly General Business “Court’s and Low-Doc Loans”

 

Seems they knew the trend was increasing back in early 2007!! (Thanks Luke)

~~~~~~

MEETING MINUTES

SUMMARY

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MEETING OF: MFAA National Lenders Committee

TIME & DATE: Thursday 1st February 2007 commencing at 12.30pm

WELCOME:

Paul Schultz, in the Chair, welcomed attendees to the first National Lenders Committee meeting of 2007 and the first association meeting under its new name (MFAA)

CONFIRMATION OF MINUTES:

The minutes of the meeting of 7 December 2006 were confirmed as a true and correct record of the meeting.

BUSINESS ARISING FROM MINUTES: - Disciplinary Process

Calvert Duffy reported that not many responses to the request to lenders to undertake to assist in the facilitating the disciplinary process had been received but these were all positive. He distributed some suggested wording for clauses which could be considered for inclusion in broker contracts. He also suggested that such wording could be included in Finance Broking Contracts/Agreements supplied to consumers, either mandated by regulation or via MFAA Code of Practice.

The meeting agreed with Jon Denovan’s suggestion this be raised in MFAA submissions to the current Privacy Act review and that MFAA should provide a clear explanation to the review as to how the industry currently operates.

During discussion contact was made with the Chair of the MFAA Tribunal, who indicated that, in support of misconduct complaints, it would accept loan/transaction details from lenders which removed customer identity details. However in some cases it may be necessary for the Tribunal to make contact the lender for further details. It would be up to the lender at that time to decide whether it was able to meet that request.

Members present indicated that may assist them in providing complaint information to the Tribunal.

It was agreed that at each subsequent meeting the number of complaints lodged (indicating lender involved) would be provided with the Agenda papers.

ANTI MONEY LAUNDERING TRAINING

Bill Kantares and Calvert Duffy reported on the meeting of lenders’ AML representatives, Ernst & Young and MFAA on 31 January 2007.

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The meeting agreed in principle that it was appropriate for a standard training accreditation program to be run by MFAA for brokers/loanwriters and other relevant people which incorporated an agreed common level of requirements for each type of product. It was accepted that in some situations an individual may seek further details/evidence additional to the MFAA program.

It was indicated this program would be useful to demonstrate to AUSTRAC how this industry was meeting the AML matter.

It was agreed this project should continue. A full report of the 31 January meeting would be sent to all Lenders Committee members with a request to pass onto their AML representatives and advise MFAA (Calvert Duffy) of the AML reps. contact details. A further meeting would be held in early-mid March at which time it was hoped the AML regulations will have been released.

CUSTOMER COMPLAINTS – BFSO

It was noted that the practice of the BFSO was to hold lenders responsible for its compensation awards even though a broker may have been involved and partially or wholly responsible.

PROFESSIONAL INDEMNITY – ‘RUN OFF’ COVER

It was noted that S&G (Insurance Brokers) has negotiated a 7 year run off cover for all MFAA member policies. Other insurance brokers and underwriters were expected to move in the same direction. It was also reported that the upcoming national broker legislation would require such cover.

REGULATION UPDATE

Phil Naylor reported that each of the state/territory governments are now reviewing some drafting instructions prepared by the joint committee established by them. MFAA has had a fair amount of input into that document (behind the scenes).

The next step is for each state and territory to sign off on the document which will then be sent to the Parliamentary Draftsman to prepare draft legislation.

This will then be released for public review hopefully in this half of 2007.
If that time table is followed full implementation is unlikely until well into 2008.
LIXI – PRESENTATION BY CHRIS CARN:
Stood over until the next meeting.

OTHER BUSINESS:
- Courts and Low –doc loans

Greg O’Neill alerted the meeting to recent court cases involving lite doc/low doc loans in which the courts were taking the view that the lenders were not making proper enquiries to satisfy themselves the borrower could service the loan, notwithstanding borrower declarations/accountants advice that they could. This seemed to be an increasing trend which should be heeded by lenders.

Meeting Minutes 27/06/2007

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2 OF 3

Meeting Minutes 27/06/2007

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NEXT MEETING:

It was agreed the next meeting would be held on Thursday 29 March 2007

CLOSE OF MEETING:

There being no further business the meeting was declared closed. 

EDITOR:  Ah yes Greggie O'Neill, possible inventor of Low docs???  Head of LA TROBE.  Remember all the Tassies victims Greg?  I still have those 1999 docs..... remember your assistance from ASIC in letters to victims of KIM CLIFTON and CLIFTON PARTNERS, you took over to "run out those dirty loans with endorsement letter from ASIC?  Remember I objected 2000?  I still have that letter..........and a long memory.

Seems like we are still cleaning up your mess.

 

 

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Comments

  • doyla66
    doyla66 Monday, 03 September 2012

    Thanks STM!
    Thanks Luke!
    Was it Big Bank intimidation that made MFAA, ASIC, APRA and all our governments lose their grip - and their moral compasses?
    Judging by what happened in the US can guess where our Banks learned that was "correct practice"!
    Instead of being intimidated and giving in why don't they all let 'whatever' happen and deal with the real consequences, not the paper tigers?
    Just call the Big Banks' bluff - and send the overseas influence packing!
    What a bunch of scaredy cats!

  • doyla66
    doyla66 Monday, 03 September 2012

    Awesome find stop the madness. Can't wait for Denise's response!

  • doyla66
    doyla66 Monday, 03 September 2012

    Awesome. Great evidence!

  • doyla66
    doyla66 Monday, 03 September 2012

    MFAA were at pains to avoid the term "No-Doc" opting for "lite-Doc", ummm - dumbing down or just DUMB??? Maybe comes in different flavours (milk) too - like 'clear as mud' ???

  • doyla66
    doyla66 Monday, 03 September 2012

    What's a lite doc? Some sort of No doc?

    EDITOR - Fancy name for Lo Doc!!!! The one they asked: "do you want get fried with that?" It came with a Credit Card and more debt

  • Denise
    Denise Monday, 03 September 2012

    Ah yes Greggie O'Neill, possible inventor of Low docs??? Head of LA TROBE. Remember all the Tassies victims Greg? I still have those 1999 docs..... remember your assistance from ASIC in letters to victims of KIM CLIFTON and CLIFTON PARTNERS, you took over to "run out those dirty loans with endorsement letter from ASIC? Remember I objected 2000? I still have that letter..........and a long memory.

    Seems like we are still cleaning up your mess.

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