APRA latest - 20% of all approved loans audited AFTER formal approval

Discussion in 'Loans & Mortgage Brokers' started by Marty McDonald, 20th Dec, 2018.

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  1. Lindsay_W

    Lindsay_W Well-Known Member

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    Too funny :D
     
    Lindsay_W, 20th Dec, 2018
    #21
  2. paulF

    paulF Well-Known Member

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    Excuse my ignorance and impatience ladies and gents... much more to it than i first thought...
     
    paulF, 20th Dec, 2018
    #22
    albanga likes this.
  3. Morgs

    Morgs Well-Known Member Business Member

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    Agreed, consequences of this going wrong are significant. Simple fix to put 1 more day into SLA and cover it off with a second audit before issuing unconditional approval.
     
    Morgs, 20th Dec, 2018
    #23
    Terry_w likes this.
  4. Eric Wu

    Eric Wu Well-Known Member

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    are they all running around like chicken with heads chopped off?

    where is the logic? where is the " better consumer outcome"? what are all these for?

    RC, media ......
     
    Eric Wu, 20th Dec, 2018
    #24
  5. euro73

    euro73 Well-Known Member Business Member

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    This should be happening already. The SLA's have blown out so much in 2018 because of loan scrutiny.... whats another couple of days for a 2nd and even a 3rd set of eyes to go over things.

    My next door neighbour is a Westpac private banker and she told me that they have a policy called 10 eyes for their deals. That's 5 pairs of eyes that have to sign off... I dont know if she was exaggerating or not, but that is what she told me.
     
    euro73, 20th Dec, 2018
    #25
    Redom likes this.
  6. WattleIdo

    WattleIdo midas touch

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    Kill 2 birds with one stone and only use bankers who wear glasses?
     
    WattleIdo, 20th Dec, 2018
    #26
    Dean Collins, euro73 and See Change like this.
  7. Redom

    Redom Mortgage Broker Business Plus Member

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    What’s the source of this @Marty McDonald? Haven’t seen anything from APRA guiding banks to do this. Agree it does sound like a stupid idea if it’s applied post approval.
     
    Redom, 20th Dec, 2018
    #27
  8. albanga

    albanga Well-Known Member

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    I have an idea....It May sound crazy but here goes.

    How about if the banks hired more competent staff to assess applications..
     
    albanga, 20th Dec, 2018
    #28
    Eric Wu and See Change like this.
  9. MC1

    MC1 Well-Known Member

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    Won't happen
     
    MC1, 20th Dec, 2018
    #29
  10. Eric Wu

    Eric Wu Well-Known Member

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    Banks never make mistakes, if they do, it is all brokers' fault. :rolleyes:
     
    Eric Wu, 20th Dec, 2018
    #30
  11. d_walsh

    d_walsh Well-Known Member

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    I heard all good staff get promoted to bigger & better things. Staff left assessing applications are either new or crap. Rinse, repeat.
     
    d_walsh, 20th Dec, 2018
    #31
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