Conflicting info from three different mortgage brokers

I trashed you? For I know, you started trashing me.

Yes, I was asking for advice, and what I received was insults, accusations, lol... do I owe you anything?

 

A lender can ask for whatever they like....anything, and yes, they do these things even in good times.

If you do not like what one lender requests for whatever reason, you can choose another lender.

 

What I have discovered so far (ANZ, CBA, and many other lenders), they don't normally request 'bank statements', but brokers do.

So instead of choosing another lender, I just need to choose another broker.

 

So your saying credit reporters will see all transactions on all cards/accounts etc ?

If yes, that is way over the top and dangerous info to be basically out there, no ?

 

That may depend on how they do the application, either way, if my broker sends things to make the case for the money almost watertight, I am happy with that, saves probs during the settlement process & in some places you really do not want any finance issues arising.

 

I don't mind if one particular broker has its own 'compliance' procedure, just need to disclose it that not the banks requesting it, so I can make an informed decision, whether I want to choose this broker or not- especially when there are other brokers in the market who don't request banks statements.

That's all that I need: disclosure and transparency about data/information gathering.

 

That is fair enough, because I would want to know who wants it and why as well.

It would seem odd that anyone would be wanting it if not for the banks, unless your numbers do not add up perhaps.

shrugs

 

Possible, and I don't mind if banks then request it upon initial file, sometimes people can multiply wrong numbers for the weekly/monthly/yearly expenses etc, or maybe there are some unused credit card with balance not properly closed,etc.

And if you check what I have disclosed on this forum about my financial situation, I personally feel comfortable with my situation and feel it hard to believe that it is difficult to get a loan.

But yes, the reality is there are people who are not comfortable disclosing personal info (especially financial info) unnecessarily - again for example, my wife. I am probably more relax.

 

Yes, sometimes the other is a real pain in the rear end, a total drag on life & exceptionally difficult on such things.

Do not worry, I get that.

Not looked at all the info as I am not a broker nor do loan apps, so no good would come of me looking too much.

 

Yeah I never trashed you but if you need evidence you trashed all mortgage brokers look at your own words below.

Insults? Accusations?
No and we don't owe you anything either.
We give you the truth, you can't accept it, so be it.

 

It's for compliance purposes, you really think Brokers would ask for it if it wasn't a compliance/regulatory requirement?
Makes my job easier if I don't have to

 

That's what I've been told is going to happen.

I don't know a lot about the details, but my understanding is for a bank or business to get a general authority to access credit reports is a very detailed and expensive process. Theoretically only institutions that really need it should be able to access your report.

That said, lots of institutions then give deferred access. I've got several lenders offering me the ability to access reports. Enter a few details, click a few boxes, report is in hand. Presumably this is audited (I don't use it enough to really know), but people with some very basic info report if they want it.

Comprehensive Credit Reporting has been lauded by the government and banks as a boon to consumers, but the Big Brother implications of what it's evolving into are horrifying. My tin foil hat recommendation is to start paying for EVERYTHING with cash and never use the internet or your phone again.

 

The truths are:
1. not the banks, but brokers request the bank statements
2. not all brokers request bank statements
3. you, as a broker, think that if your clients are not comfortable disclosing banks statements, it means they are thieves and have something to hide
4. you have established that I have something to hide
5. you trashed me

My final response is a reactive response for my unfortunate encounter with you.

So yes, you trashed me first, and NO, I am not giving you my bank statements.

 

I trust my brokers to do the job and get me the money, and no I do not think brokers are going to go looking for extra work, but some may ask for things they do not have to, this seems logical, otherwise there would be no difference between brokers and there is.

like anything, it may come down to interpretation.

I have many agents operating under the same laws and regs yet they all come up with different things they can and cannot do all the time, what is an issue for one is not for another etc etc

I am not getting into the middle of the beef between those here on the thread.

 

Trust me, I like lamb better than beef.

 

Fair enough.

 

1. Some Banks do require bank statements, not all
2. Brokers need to follow what their Aggregator/Licence holder requires of them
3. I never said they were thieves, something to hide though, highly likely
4. You said yourself you have something to hide, not me.
5. Please quote my comment where I trashed you (like you trashed all mortgage brokers, saying you loathe them and put them in the same category as car salesman)

 

There is a zero chance for people like you, who disrespect your potential clients/customers or friends, who knows, to be my mortgage broker.

So I am happy to end our childish banter here, and I would appreciate other advice/comments from people who have less prejudice.

It was good though- cheers.

 

Thanks for showing you're factually incorrect in most of your statements, particularly accusing me of trashing you. I suspect you're not used to people correcting you when you're wrong and standing up to your nonsense.
You still want opinions from Brokers (who you loathe) which is just hilarious to me