Broker Falsified our info to get loan
- Thread starter HD1
- Start date
No client. everyone wins option 1.
Clients have a few Bob in there sky rocket
Broker gets a harsh lesson without affecting his career
Clients have a few Bob in there sky rocket
Broker gets a harsh lesson without affecting his career
dunno............."complicit" in fraud there maybe .............I suspect
I recall the OPS loss is likley 20 x the comm in any case
ta
rolf
Guys
If I understand this correctly this is a one stop shop where the builder has arranged 520k finance for a property worth 380k and fraudulently misrepresented the buyers financial position to do so.
This goes way beyond a refund of the commission. This is Storm Financial territory and the OP may be entitled to hand the whole mess back to the builder and the builder's pet broker who may be up on fraud charges. Very serious indeed.
Make a phone call to the Financial Services ombudsman to get the ball rolling.
http://fos.org.au/centric/home_page.jsp
If I understand this correctly this is a one stop shop where the builder has arranged 520k finance for a property worth 380k and fraudulently misrepresented the buyers financial position to do so.
This goes way beyond a refund of the commission. This is Storm Financial territory and the OP may be entitled to hand the whole mess back to the builder and the builder's pet broker who may be up on fraud charges. Very serious indeed.
Make a phone call to the Financial Services ombudsman to get the ball rolling.
http://fos.org.au/centric/home_page.jsp
I think talking (anonymously) to the Ombudsman & a lawyer before the broker or bank would be a smart move.
www.theaustralian.com.au/news/inves...le-against-banks/story-fn6tcs23-1226382076020
www.theaustralian.com.au/news/inves...le-against-banks/story-fn6tcs23-1226382076020
No its not. He is undoubtedly in breach of the loan covenants and when he talks to the bank he will trigger a process with an uncertain outcome.
He needs to talk to the bank soon but he also needs to have a plan. Currently he has no plan which is why he needs proper professional advice either from the Financial Ombudsman and / or a lawyer. A couple days delay is probably worth it to get his house in order. This is not an excuse to hide under the blankets in the bed and hope it all goes away however. This is a matter that should be dealt with agressively.
He was not responsible for the falsification and had no knowledge of it. If they can the loan, so be it. He wouldn't have got it anyway.
In good faith - legal and ethical - you need to speak to the bank.
In good faith - legal and ethical - you need to speak to the bank.
I believe a loan was never made.
From the bits of data we have the OP could not settle on an OTP purchase and thus forfeited their deposit.
The OP may have acted in reliance of the availability of a loan at time X. Gets muddy from there on.
The OP may be better served to seek specific legal advice rather than try to hang their hat on some peripheral issue.
There were "similar" cases around in WA a little while ago, which I believe still havent been resolved
ta
rolf
Ok, sorry. Can the application is better.
Wouldnt the OP be better to go straight to the bank and say "theres been a stuff up" i'd like to withdraw my application" and then move on and try to get finance elsewhere. If he cant get finance honestly, he never would have so no big deal.
And if hes stuck with the OTP purchase (i didnt see a mention of that), well thats a lesson he'll have to learn from and deal with.
Wouldnt the OP be better to go straight to the bank and say "theres been a stuff up" i'd like to withdraw my application" and then move on and try to get finance elsewhere. If he cant get finance honestly, he never would have so no big deal.
And if hes stuck with the OTP purchase (i didnt see a mention of that), well thats a lesson he'll have to learn from and deal with.
Well he knows now so he'll have to contact the bank. As i said in, good faith - legally and ethically - contact the bank.
Well,
In light of new information posted, this is a tricky one.
See a Solicitor
Now if my broker lied to get me an IP, which i could afford no probs i wouldnt have a prob, but if he lied when i was clearly not entilted I would have a serious problem
I had a case a while ago where the applicant wanted a certain amount of money. The amount was beyond their serviceability given their circumstances, but there was a few things they could do to change their circumstances and they'd qualify by the skin of their teeth. Even that's not something I'm entirely comfortable but they were confident they could afford it and this applicant wasn't exactly a newbie.
I asked for some specific documentation demonstrate to the bank that the changes were underway. They refused to produce it and asked, "What if we do these other things".
That's fine, but then I'll need some other documents. These new documents weren't produced either and the borrower told me to put it up to the lender with another scenario.
I got the feeling that the borrower was intending to simply go on doing what they were doing and was simply using me to determine what various banks wanted to hear. The whole deal was worth about $1.5M (about $10k in commissions), but my part in it went from the full amount, down to $400k and various stanges in between as he'd do some of it elsewhere and so on. At the end he was asking me to do the whole lot again.
From my point of view I was getting very frustrated. I'd initially put up a strategy of getting them everything they wanted but they didn't like that route. When their way failed, they tried to manipulate me in multiple directions. Fed up with it all, I simply refused to take part in any of it and withdrew the applications that I had submitted.
The whole point of my posting this is to point out that brokers are often put in the position of making the data fit the deal. Brokers are often put under huge amounts of preasure from the borrowers to get a loan over the line.
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I thought people usually say it's the other way around!
Explain your legal position so that you don't inadvertently prejudice yourself by saying or doing something against your interests.
