Requirements added to The Loan Market Way.
- Remaining in an existing contract - updated the policy for Step 6 of The Loan Market Way to include a section on requirements when recommending a customer remain in their existing contract
- Expenses and liabilities verification - updated to reflect the change to HECS i.e. no statement of HECs balance required
- Verification of identity - updated to make it clear that two forms of ID are required
- Accreditations - updated to specify that minimum of 20 accreditations must be obtained within 3 months of joining Loan Market
- Ensure the personal and financial information captured in MyCRM is consistent with the Game Plan, Apply Online and the lender serviceability calculator that is required to be uploaded to MyCRM.
- Ensure remediation actions to upload identified missing documents are completed within 5 business days after issuance of audit report.
- Reminder: if changes are made or required by the lender post submission, please make the amendments or, at a minimum, leave notes in MyCRM as to what information has changed and why
Thank you to everyone who has completed the Banking Code of Practice (BCOP) training and provided the certificate of completion.
BCOP training is a mandatory industry training requirement.
If you have not completed the BCOP training, please complete the training as a priority. You can access the training from the MFAA website (for MFAA members) or AAMC training website (for FBAA members).