Search Results for: ASIC brokers

Former Aussie mortgage broker convicted of submitting false or misleading documents

ASIC says Mr Madhvan Nair, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie Home Loans), was convicted and sentenced in the Downing Centre Local Court last week on eighteen charges involving the submission of false or misleading information to banks. Mr Nair was convicted after admitting to providing documents in support … Continue reading “Former Aussie mortgage broker convicted of submitting false or misleading documents”

SMEs need protection from online Payday Lenders

From TheBankDoctor. In 2015, online SME lending in Australia was around $250m, up from a zero base two years ago. Growth will continue exponentially and online SME lending will become a significant alternative source of funding for Australia’s SMEs. Online lenders perform an important role by lending to thousands of SMEs that would otherwise struggle … Continue reading “SMEs need protection from online Payday Lenders”

ABA Announces Independent Review of Product Sales Commissions and Product Based Payments

As part of the industry initiatives announced on 21 April 2016, the ABA’s member banks have requested that the Australian Bankers’ Association (ABA) commission an independent review of product sales commissions and product based payments. The ABA has appointed Mr Stephen Sedgwick an independent person with relevant qualifications and experience to conduct this review. A … Continue reading “ABA Announces Independent Review of Product Sales Commissions and Product Based Payments”

Are Broker Commission Trails At Risk?

From Australian Broker. Banning trail commissions would have dire consequences on the mortgage broking industry, brokers have proclaimed, with some admitting they would consider leaving the sector. Kim Hall, director of Smart & Simple Mortgage and Finance Consulting on NSW’s Central Coast, who attended the FBAA National Tour yesterday, told Australian Broker she is concerned … Continue reading “Are Broker Commission Trails At Risk?”

It’s time we broke up the retail arms of Australia’s Big Four banks

From The Conversation. The idea of separating out the arms of the “Big Four” banks like insurance and superannuation from their core banking business is gaining traction in Australia. It featured in the Greens’ banking and finance election policy. However this is not a new idea; Australia is just catching up to banking reforms already … Continue reading “It’s time we broke up the retail arms of Australia’s Big Four banks”

ANZ and Westpac Report Chinese Home Loan Fraud

The AFR is reporting that hundreds of home loans have been backed by fraudulent Chinese income documents, with the help of dodgy mortgage brokers. The banks have informed the police, suspended the brokers concerned, and have changed their review processes. The banks also make the point that delinquencies are lower on the small proportion of … Continue reading “ANZ and Westpac Report Chinese Home Loan Fraud”

Former mortgage broker admits home loan fraud

According to ASIC, Ms Emma Feduniw (also known as Emma Khalil) of Brisbane, Queensland, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie), has admitted through her solicitor to eight charges brought by ASIC. The charges related to the falsification of employment documents to secure approvals for home loans, submitted to Westpac. … Continue reading “Former mortgage broker admits home loan fraud”

Suncorp Cuts Dividend

Suncorp reported their half-year profits to 31 December 2015 today. Group net profit after tax (NPAT) was $530 million, down on HY15 at $631 million, profit after tax was of $544 million compared with HY15 at $681 million, and return on average shareholders’ equity was 7.9%, compared with HY15 of 9.4%. An interim dividend of … Continue reading “Suncorp Cuts Dividend”

RateSetter sees monumental growth from broker channel

From Australian Broker Online. Leading peer-to-peer (P2P) lender RateSetter has seen significant growth in broker referrals, with almost one third (30%) of its business now coming through the third party channel. Speaking to Australian Broker, the chief executive of RateSetter, Daniel Foggo, said that the broker channel is an important avenue of growth for the … Continue reading “RateSetter sees monumental growth from broker channel”

The Risks In Broker Originated Loans

From Mortgage Professional Australia. You may recall the stir caused among brokers when APRA chairman Wayne Byres warned lenders about third-party originated loans at the Australian Business Economists briefing in August. Byres said, “Third-party originated loans tend to have a materially higher default rate compared to loans originated through proprietary channels.” The regulator gave MPA … Continue reading “The Risks In Broker Originated Loans”