Get Regulator Ready
Brokers have until 31 December 2017 to complete five new mandatory compliance modules, as well as view and complete the content for the five case studies. These will be the first in a series of compulsory learning tools, designed to better equip brokers in an ever-changing climate of regulatory updates.
The compulsory completion of the modules and case studies is a National Business Directive - all brokers must begin 2018 having completed these.
These mandatory compliance training modules are now available on Springboard:
- Complaints Process
- Customer Living Expenses
- Referral Requirements
- Requirements and Objectives
The case studies to be completed - also accessible through Springboard - include:
- Need for Notes
- Customer Living Expenses
- Customer Communication
- File Audits
- Requirements and Objectives
Please follow this link to view the learning plan in Springboard.
Should you have any questions, please do not hesitate to contact the Loan Market Compliance team at email@example.com
Lending a hand: guarantor compliance explained
During the initial Client Preliminary Assessment portion of the information gathering process, should there be a guarantor involved in the purchase, Loan Market requires brokers to gather a minimum array of information from the guarantor.
This is to meet Loan Market’s own Responsible Lending obligations, as separate and distinct from those of the lender.
Information that needs to be gathered from the guarantor and uploaded with the loan application to our systems is as follows:
- Certified Identification uploaded
- Guarantor to sign the Client Preliminary Assessment (as the guarantor’s security will be noted in here)
- Evidence confirming security details, e.g. bank statement confirming mortgage/ confirming mortgage paid out; rates notice
It should be noted that you are required to fulfil your Responsible Lending obligations with the guarantor as well as the customer. You must explain to the guarantor the agreement they are entering into, and encourage them to seek independent legal and financial advice prior to making any commitments. You should also make note of the guarantor’s asset and liability position. As always, your enquiries should be scalable, and further inquiries should be made where you see fit.
In addition, avid notes should be taken around the customer’s Requirements and Objectives, and why a guarantor loan is being sought.
A copy of the Credit Guide must be issued to the guarantor as well as the customer.
Also of note, the guarantor can request a copy of the Client Preliminary Assessment, in the same capacity as the customers themselves.
Should you have any further questions, please do not hesitate to contact Compliance at firstname.lastname@example.org.
Loan Market Go: cut offs and operating hours over the festive season
As we head into the festive season it’s important to be aware of critical settlement cut-off dates and operating hours for Loan Market Go, to help ensure the best settlement outcomes for you and your customers are achieved.
Settlement cut-off dates:
Loan Market Go is expecting high settlement volumes throughout December which is why it’s important that you continue to focus on submitting correctly executed documents. This will help prevent unnecessary delays and ensure we meet customer expectations.
Operating hours over the festive season:
Credit and Customer Care teams will be operating as normal during the festive season, with the exception of standard national public holidays as outlined below:
Regular operating hours will continue from Tuesday 2 January 2018.
Valuations requests over the holiday period
Leading into December, please keep in mind the following valuations process when submitting valuation requests and speaking with your customers.
Residential valuation requests will continue to be processed as normal, via the Business Rules Engine (BRE) throughout the holiday period. Please note: Valuation requests submitted between 5pm (AEDT) Monday 18 December 2017 & Friday 5 January 2018 will not be assigned to NAB Valuations to be completed due to the NAB Valuations annual shutdown. Valuation requests submitted during this period will be completed by a panel valuation firm.
All non-residential requests received by NAB Valuations between 5pm (AEDT) Monday 18 December 2017 & Friday 5 January 2018 will be processed from Monday 8 January 2018.
Construction progress inspections received between 5pm (AEDT) Monday 18 December 2017 & Friday 5 January 2018 will be processed from Monday 8 January 2018.
If you have any questions, please contact your Loan Market Go BDM.
Changes to the WA discharge of mortgage fee
Currently for WA settlements, it is the responsibility of the outgoing mortgagee / vendor to pay the applicable discharge of mortgage fee.
Effective Friday 1 December 2017, this responsibility is changing and the WA discharge of mortgage fee will now be charged to the incoming mortgagee / purchaser instead.
This is a State-wide change which aligns Landgate and the industry with the same process that is in place for VIC, NSW and QLD.
Our internal systems have been updated to accommodate this change and all WA loan contracts issued from Friday 1 December will specify the discharge of mortgage fee.
Please familiarise yourself with this change and keep it in mind when having conversations with customers who are purchasing in WA.
NEW: Christmas campaigns available now
The silly season is upon us! It’s a great time to wish your new and existing clients well this holiday season, but also remind them that you could assist with refinancing or debt consolidation – who wouldn't want some extra coin this Christmas?
We have created two Christmas campaigns as well as Facebook banners and tiles to spread the joy (and the savings!) this holiday season.
Christmas refinancing campaign:
It’s an expensive time of year, so why not get your clients to check their current finances with you, to see if they could be saving money?
A3 poster + A4 flyer + DL + Facebook tile + Facebook Cover + EDM
Christmas Debt Consolidation Campaign
We bet your clients want to avoid the financial hangover this New Year! Help them consolidate their debt, so they can enjoy the holidays with less worry.
A3 poster + A4 flyer + DL + Facebook tile + Facebook cover + EDM
Facebook banners & tiles
Wish your clients a Merry Christmas & Happy New Year, or let them know when your offices will be closed, using one of the Facebook banners or tiles - available here.
Christmas campaigns & materials are available on Print UI here
New on Springboard: Document fraud podcast and more
Case Study of Document fraud.. the broker missed it, would you have picked it up?
The Broker missed this fraudulent documentation however the compliance team picked it up.. would you have missed this? Listen here
Supporting documentation for applications pass our desk every day but how often do we really examine them and double check the information is true and correct? The right answer should be…. every time! This broker missed some vital signs and found themselves in a very difficult situation. Listen to the is 7 minute podcast and see how this case study played out.
Lender weather channel - Ken Maclennan chats to ANZ
Check out Ken Maclennan's recent interview with ANZ BDM's on christmas cut off dates, switching, interest only and thoughts on quality of submissions lately? Keep up to date with what is happening in the lender/policy space and log on to the weather channel - forecast is sunny as we fly into the festive season! Listen here
Sam White talks to Phil Seed about the challenges of putting on a new CSM
Phil is no stranger to hiring people, in fact he was in HR before he was a mortgage broker so putting on a CSM should be easy, right? Well not exactly. Putting on new staff while trying to build a business, write home loans and build the team at the same time can be a challenge.
Phil is a rising star and is on track in his 3rd year to reach elite status. In this interview with Sam White they discuss finding the right person to help and how he went about this. This is a great podcast with insights into effectively building support around you. Listen here
Spending too much on utilities? We can help
Experience a utility health check for yourself. We want you to see firsthand how Loan Market Home Now has the potential to save you money in your own home. What better time than in the lead-up to Christmas to make some savings?
A great way to understand the invaluable comparison and connection service Loan Market Home Now can offer your clients is by experiencing it yourself. Why don’t you take the opportunity to review your own personal circumstances, and ensure your running costs are as efficient as possible.
Loan Market Home Now doesn’t charge you a fee for this utility health check service. The only costs are the standard charges from your selected suppliers.
The utility services panel is made up of 36 electricity, gas, broadband, home entertainment and water providers. The website makes it easy to compare between companies and products. Check out the website and go through the process yourself or speak to the team on 1300 867 283.
Are your clients protected?
A Wealth Market financial adviser will ensure your clients are protected - with the right level of cover, structured in the right way, and for the right cost. Meet your duty of care and compliance by supporting your clients after their loan settlement.
Your clients are often making their biggest financial commitment and your Wealth team will ensure that they are adequately protected to service their loan and the level of debt they are taking on.
A recent Core Data survey found that 90% of brokers aren’t raising protection with clients and the need for them to have appropriate cover in place.
Wealth Market is here to help! We will help you meet your duty of care and compliance with your clients.
We have developed a high quality and market leading protection solution for clients - protecting the client, their asset, and family against key risks such as premature death, disability, loss of income and critical illness.
A Wealth Market adviser will review your client’s income replacement strategy, assess their personal protection needs and implement a solution that’s personally tailored to their circumstances.
We can also help your clients by providing broader financial advice that puts them on the path to achieving their goals.
Refer your clients to a Wealth Market adviser for a complimentary and no-obligation personal protection review.
Resources to help you build protection into your process:
- Scripting - How to refer to Wealth Market during the Loan Application Process
- Scripting - Make it easy. Working with Wealth Market
- Protection landing page with video - protecting the ones you love
- Video - Wealth Market Client Testimonials
- Listen to Daniel Pym explain why insurance is important to his clients.
- Wealth Market Protection Flyer - double-sided flyer company & protection.
These resources are also available on the Wealth Market Springboard channel.
Get started in Asset Finance
Interested in finding out more about Asset Finance, but not sure where to start? The Asset Finance Learning Plan is now available in Springboard, with three modules ready for you to complete and more on the way.
These initial modules cover the basics and are a great introduction into Asset Finance. For those who want to be involved but are not sure where to start….start here!
Become the “Modern Day Branch Manager” and diversify your business by getting started in Asset Finance. Check these modules out in Springboard:
- Asset Finance Options - understand all aspects of Asset finance via this course. From chattel mortgages and consumer loans to commercial hire, sale & hire back and sales & lease back, the information is comprehensive and informative.
- Asset Finance Risk Module - this risk module will explain the principles governing types of assets which can be financed. It explains how different asset types have different risks, as well as loan structures. It displays what is considered a standard asset, non-standard asset and an unsuitable asset.
- Asset Finance Residual Value & Balloon Payments - this module in the Asset Finance Learning Plan takes you through all the information surrounding residual values and balloon payments. What the ATO stipulates when it comes to Asset Finance from passenger cars all the way through to earthmoving equipment.
Connect 2018 tickets going fast!
Get in quick to save $130 on tickets to our key conference - Connect 2018. Tickets at the discounted rate of $645 per person are available for a limited time only. The ticket price will revert to $775 per person once the earlybird allocation is exhausted.
Connect 2018 brings together Loan Market Group and Ray White Group and will feature:
- The chance to leverage networking opportunities with our partners at Ray White Group
- Loan Market awards event
- Dedicated Loan Market day
- Awesome party