Introduction to The Loan Market Way

The National Consumer Credit Protection Act 2009 (National Credit Act) requires you to act in the best interests of consumers and to prioritise your client’s interests when providing credit assistance (Best Interest Duty & the Conflict Priority Rule).

These legal obligations provide you with the opportunity to further display the value you bring to your clients and that any recommendation you make is the right one for them. This will build further trust and confidence in the service that mortgage brokers provide.

In preparation for these obligations, Loan Market has developed the Loan Market (LM) Way. The Loan Market Way combines technology with policies and processes to Keep You Safe and meet your legal obligations. It has also been designed to deliver a market leading customer experience throughout the loan application process and life cycle of the loan.

This LM guidance document has been released to provide a consolidated reference point for issues that may arise in the credit advice assistance process.

The Key Steps in Meeting Your Responsible Lending, Best Interest and Conflict Priority Obligations 

The below provides a step by step  guideline to assist you in meeting your legal obligations:

  • What is it: Hello Pack 
  • Why is it important: Introduces you to the client and includes mandatory documents (the dynamic digital Credit Guide) as well as an option to invite the client to complete the Online Fact Find

  • What is it: The Online Fact Find
  • Why is it important: Allows the client to agree to the Loan Market Privacy Consent and you to commence capturing their information. Simplifies the collection of statements, income and expenses and automatically uploads this information to the client’s application. Provides an audit trail on the fields that are completed, by who and when. This information will form the basis of any recommendation you make to your client and is digital evidence that you have made reasonable and appropriate enquiries as per your responsible lending obligations.

  • What is it: The Goal Setter
  • Why is it important: As per RG273.45, in order to meet the Best Interests Duty you must understand the individual circumstances of the client and their needs, goals and financial situation. The Goal Setter supports this process, providing guidance on questions to ask and enabling you to capture the responses from the client.  This information should then be used in the research and recommendation stage. This information is also “replayed” to the client in the Game Plan.

  • What is it: The Game Plan
  • Why is it important: This is the key document that proves you’ve met your obligations for responsible lending and Best Interests Duty. The Game Plan is consistent with the requirements as set out in  ASIC’s Regulatory Guide 273. The Game Plan  provides you the structure to include why a lender product was chosen, disclose any conflicts and explain how the advice you have provided is in the client’s best interests, regardless of any conflicts. The Game Plan also contains detailed information about the recommended and shortlisted lender/loan product(s); fees and charges your customer is liable to pay you and the lender for applying for the loan (such as application and valuation fees); commissions you will receive from the lender and the amount of commissions you will pay any third parties such as referrers (where applicable).

  • What is it: Note Taking  (including Broker Notes & Research Notes)
  • Why is it important: 
    • Research Notes : The research area allows you to include notes on important areas such as income verification, expense verification, serviceability calculators, funding calculators etc. You can use these “free text” areas to add comments that relate to the file and to the research conducted for the client.
    • Broker Notes – Comprehensive notes captured within MyCRM. These are mandatory to complete as evidence and demonstrate the process of engagement with the clients in relation to both the responsible lending and best interests obligations. In addition, any assumptions would be included in this space and commentary on any credit critical conversations you held with the client.

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