Risk and Compliance Recap - June 2021
Whistleblower Policy: The latest version of the Whistleblower Policy can be found in the Important Documents section of MyCRM under the Business Operations tab. The Loan Market Group seeks to encourage any party contracting with any of the Loan Market Group entities to raise concerns about poor or unacceptable practice and misconduct in the workplace by developing a culture where they can raise their concerns without fear of reprisal or feeling threatened by doing so.
Inconsistencies of personal and financial information across MyCRM, ApplyOnline (AOL) and serviceability calculator. All information must align to ensure consistency and accuracy of information captured and submitted to the lender.
Some common inconsistencies that we see are:
- Declared income figure (or sources of income) between the Game Plan, Servicing Calculator and AOL
- Declared expenses between the Game Plan living expenses sheet and AOL. As a reminder, please make sure rent expenses are included within MyCRM and if this is not required for the lender and AOL then please ensure you leave a note explaining any inconsistencies.
- Disclosure of liabilities between the Game Plan, Servicing Calculator and AOL
How long is privacy consent valid for?
The privacy consent is valid for the duration of the application process. This is because the clients are consenting to their personal information being used for the purpose of this application. If the client starts a separate application at a later date, the privacy consent will need to be obtained again for the new application.
For further information on how to send the one touch privacy or the stand alone privacy consent form, please watch the video here.
When do I need to reissue the Game Plan?
Loan Market has created guidelines for scenarios where an updated Game Plan is required to be generated for re-execution. You can find the policy here.
Can I write my own loan?
Yes you can write your own loan, subject to lender approval. You will still need to meet NCCP requirements i.e. complete a Game Plan