Conflicting info from three different mortgage brokers

Discussion in 'Loans & Mortgage Brokers' started by Fvalemus, 7th Jun, 2022.

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  1. Fvalemus

    Fvalemus Well-Known Member

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    Thanks, I have some faith.
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    Wait, so you DID supply them with your monthly expenses, this keeps getting better.
     
  3. Fvalemus

    Fvalemus Well-Known Member

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    I supplied them with monthly expenses in Excel format - which according to you, probably I lied with the source: trust me bro!

    I have no issue disclosing an Excel format monthly expenses.
     
  4. inertia

    inertia Well-Known Member

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    Have you never heard the phrase "trust, but verify"? No one actually cares how you spend your money. The rules have come about due to both dodgy lenders and dodgy borrowers with enough incidents across the entire market to warrant regulation and compliance requirements.
     
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  5. Lindsay_W

    Lindsay_W Well-Known Member

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    So they DID request monthly expense info and you supplied it, bit different to them not needing it at all... what happened to those 5 brokers you found?

    And please tell us all why is that exactly? I suspect I know the answer
     
  6. Fvalemus

    Fvalemus Well-Known Member

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    They did not request for it, I said: I can send you some information. They said: sure, send it through.

    One hour later, they called me back: your borrowing power is $x, with IO or P+I, etc and you should buy this and this.

    And I asked: do I need to supply you with bank statements; they said: No, I can even apply loan for you, right now, with what you gave to me.
     
  7. Fvalemus

    Fvalemus Well-Known Member

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    Sure, at work, I manage 22 people, surely I know what does 'trust but verify' mean.

    But it does not mean, for every single engagement with my team member, I must ask them: "show me all your supporting documentation".

    I only ask: "are you comfortable with this?", they said: "yes", and then I trust them.

    Also, track record matters, I deal with mediocre people differently, I don't need to micromanage my high performers.
     
  8. Lindsay_W

    Lindsay_W Well-Known Member

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    Sure no application or compliance docs to sign just get the money, excellent.

    You mentioned you did supply them with bank statements also...
     
    Last edited: 8th Jun, 2022
  9. Fvalemus

    Fvalemus Well-Known Member

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    Come on, no need to be too extreme.

    Of course he will prepare the application, and I need to sign it. I have done this, 3-4 times.
     
  10. inertia

    inertia Well-Known Member

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    Well, I don't know what field you work in, but the 2 main industries I have worked in are Telco and Banking. The "verify" part of what I do is due to REGULATION, and I am obliged to log certain information. From the IT side of things, this includes every single change to every single piece of production equipment. My team, employer, and customers all trust me, that doesn't mean I can avoid the logging and auditing that happens. Everything I do gets reviewed by someone outside of my team to verify there is an associated tracking ticket with the appropriate approvals. This is not because the reviewer wants to, it is because it is required to maintain our compliance with regulations.

    This is not about you, and I would be very suspicious of any broker that is so lax with their compliance requirements.

    <edited to address the specific quote I have left above> regulations actually do mean that for every single thing I do (pretty much), there needs to be supporting documentation that can be forensically reviewed.
     
    Last edited: 8th Jun, 2022
  11. Lindsay_W

    Lindsay_W Well-Known Member

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    So tell us why you have no issue supplying in excel format vs bank statements?
     
  12. Fvalemus

    Fvalemus Well-Known Member

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    Because Excel format is average/typical spending e.g.
    Dine out: $50 per week
    Credit card repayments: $500 per month
    Groceries: $2000 a month
    Car repayments: $0
    Car expenses: $6000 per year

    Is this sufficient for your compliance?
     
  13. Fvalemus

    Fvalemus Well-Known Member

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    And you can say, the source: TRUST ME BRO!
     
  14. Fvalemus

    Fvalemus Well-Known Member

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    All in all, basically the summary, my monthly expenses are averaging $6,000 per month (including one kid in private) - which I believe is quite typical for a Sydney family with one kid.

    So if that is not sufficient, and you need to see bank statements the last 90/180 days, then I said, screw it!
     
  15. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    God I wish it were, but it's not even close. I truly detest going through people's statements. Huge waste of time.

    Seriously if that's all you're giving a broker (or banker), then they are making up what they submit. Lenders application has something like 10-20 different categories. Even when they don't require bank statements, they still need these categories to be completed.

    The attached spreadsheet describes the categories we use. Frankly I think almost half of them are complete nonsence...

    ...and I do need to fix the spelling mistake. :D
     

    Attached Files:

    Last edited: 8th Jun, 2022
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  16. Lindsay_W

    Lindsay_W Well-Known Member

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    Absolutely it is a huge waste of time
    Remember the good old days where they would just declare it on the fact find and that was it.
    Thanks APRA
     
    Last edited: 8th Jun, 2022
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  17. Lindsay_W

    Lindsay_W Well-Known Member

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    We've already established you're trying to hide something, so why would anyone trust you, BRO?
    You've said your monthly expenses are $6000 per month but your list of expenses doesn't add up to that. You also included your monthly credit card repayment which gets loaded under liabilities not expenses.
    No phone expenses, internet, water, electricity, council rates, maintenance, $500 per month on car expenses? Must just be fuel, no servicing costs, registration cost?

    The government sets a minimum living expense figure based on household income and postcode, known as HEM, so you could declare less than the HEM figure but the lender servicing calc will apply a higher amount anyway
     
  18. Fvalemus

    Fvalemus Well-Known Member

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    Why would I declare three pages of my monthly living expenses here?
    2500 car rego and insurance for my wife's car, and 1500 for my car, 2000 for car services, fuel are separate.

    I just gave you an example why I am OK with Excel format and not so with detailed bank statements.

    And honestly, my mortgage brokers can ask: hey that doesn't look right, can you please double check? that is a healthy relationship between a broker and a client.

    I don't owe you anything, and I don't get commissions for you to lodge my application.

    And NO, I am not giving you my bank statements.
     
    Last edited by a moderator: 8th Jun, 2022
  19. Fvalemus

    Fvalemus Well-Known Member

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    This is my first time on this forum, and really I am truly disappointed with most mortgage brokers here, perhaps with 1-2 exceptions; the arrogance is peak level.

    Trust me, in my profession, where I work, we loathe mortgage brokers, in the same pool with car salesman, and real estate agents. And yes, I am where I am today, not by disrespecting people or potential/current customers/clients, and colleagues.

    I tried to be respectful and explain my point of view, and sometimes there are people who are not comfortable disclosing personal information, such as my wife. But the first accusation that I am hiding something (in a very negative connotation), it is truly puzzling.

    Good luck guys.

    I have found the answers that I was looking for and thank you for your kind and nice responses.

    and NO, I am not giving you my bank statements.
     
    Last edited by a moderator: 8th Jun, 2022
  20. Lindsay_W

    Lindsay_W Well-Known Member

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    Yeah being compliant and telling you how it is rather than what you want to hear is disrespectful :rolleyes:
    I don't want your bank statements and never asked for them either.

    You come to a forum and ask Brokers for opinions/advice, you state only Brokers get benefits from doing your loan, you don't value Brokers, you trash them and yet you still want to use their services? Jog on mate
     
    Last edited by a moderator: 8th Jun, 2022