Broker advice

Hi,

Question to the brokers. For your existing clients, are they expected to fill out all of the bank forms or is this the job of the broker?

Generally, what is considered a reasonable amount of time to take to lodge a loan to the bank assuming that all required paperwork has been provided by the client.

Thanks.
 
I'm not a broker but I have never had to fill anything out to apply. My broker does all that. Of course once approval is granted there are documents to sign etc but before that all I do is forward payslips, rental statements etc and he does the rest same day I give them to him.
 
We definitely don't fill out bank forms if we can help it...

... it's all done electronically these days, we put it into a computer instead. All clients need to do is supply us with the information, provide us with documentation (like payslips) and sign privacy agreements.
 
Hi,

Question to the brokers. For your existing clients, are they expected to fill out all of the bank forms or is this the job of the broker?

Generally, what is considered a reasonable amount of time to take to lodge a loan to the bank assuming that all required paperwork has been provided by the client.

Thanks.

For compliance reasons it is best for the client to fill in any forms themselves, otherwise there could be allegations down the track that the broker put false information down.

But these days there are not many loan application forms as everything is done electronically. What I do is to get clients to fill in one of my electronic forms and email it to me and then we use these to do the online applications. That way there is a trail of what they told me in case of any disputes down the track.
 
we have a process that some peops love and some hate, in fact hate so much that we lose quite a few potential clients.

Once a client has FULLY completed the fact find doc, 90 % of the data transfers across to the lender system, and is passed back to the borrower for their eye approval and amendment.

Next loan, the fct find is only updated with changes, rinse and repeat

There is no "right way" to do the stuff, certainly I dont want my clients doing their on app papework.................., we dont get enough control in the process.

ta
rolf
 
Terry raises a good point. What protects the client from broker/banker fraud?

If you're concerned about the broker (or banker) changing your information prior sending it to the lender there are a few things on place to protect consumers.

Firstly you can simply ring the bank and ask for a copy of your application. They're obligated to send you this information.

Secondly many lenders (not all) actually send a copy of the application, or a summary of the data as part of the loan offer documents. The data summaries are usually the totals of your assets, liabilities, income and expenses. It should be possible correlate this with what the client believes was submitted.

Realistically the figures people send us in a fact find or tell us aren't always the figures we use. People tell me all the time their income is $X, but when we investigate their payslips it's actually $Y. Usually not a big difference, but there is a difference.

The other thing people can do is request a copy of the "Preliminary Assessment" from the broker or banker. This contains the data which was actually sent to the bank. Any discrepancies should be easily explained.
 
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